Stocks opened slightly higher on Monday on hopes of strong corporate earnings.

Aluminum maker Alcoa will unofficially kick off the quarterly earnings season after the market's close on Monday. The company is expected to report quarterly earnings of 27 cents per share on revenue of $6.07 billion, according to Thomson Reuters estimates.

The Dow Jones industrial average <.DJI> was up 27.40 points, or 0.22 percent, at 12,407.45. The Standard & Poor's 500 Index <.SPX> was up 2.99 points, or 0.23 percent, at 1,331.16. The Nasdaq Composite Index <.IXIC> was up 12.18 points, or 0.44 percent, at 2,792.60.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)