In a quiet day for U.S. earnings and economic releases, major U.S. indices are mixed after some positive developments from Europe and Dubai on debt issues. The tech sector leads on Cisco and upgrades.
The S&P 500 Index rose 0.16 points, or 0.01 percent, to trade at 1,138.85 at 11:18 am EST. The Dow Jones Industrial Average is down 6.50 points, or 0.06 percent, to trade at 10.559.70. The Nasdaq Composite is up 0.24 percent.
Technology stocks are among the best performers. Cisco (NASDAQ:CSCO) is up 1.82 percent. The firm said that on Tuesday it will unveil a significant announcement that will forever change the Internet and its impact on consumers, business, and governments.
Research in Motion (NASDAQ:RIMM) is up 4.72 percent after receiving an upgrade from BMO Capital Markets. Yahoo (NASDAQ:YHOO) is up 1.81 percent after receiving an upgrade from JPMorgan.
American International Group (NYSE:AIG) announced Monday that it will sell its American Life Insurance unit (Alico) to MetLife (NYSE:MET) for $6.8 billion in cash and $8.7 billion in MetLife equity.
Last week, AIG agreed to sell its Asian life insurance unit to a London firm for $35.5 billion.
AIG is up 3.13 percent and MetLife (NYSE:MET) is up 4.39 percent.
French President Nicholas Sarkozy said on Sunday that his finance minister is working on a certain number of precise measures if Greece needs them and reiterated his firm support for Greece.
Portugal also unveiled a series of austerity measures, easing European sovereign fears.
According to Financial Times, Dubai World is expected to approach its lenders and propose a restructuring plan for its debts.