(MENAFN- ProactiveInvestors) U.S. stocks were choppy Monday as a massive winter storm prepares to hit the northeast and as investors digested news that the left wing anti-austerity Syriza party won the general election in Greece on Sunday.
As of noon in New York the Dow Jones Industrial Average was down 3 points at 17670 while the Nasdaq rose 5 points to 4763 and the S&P 500 retreated 9 points to 2054.
European markets were also jittery earlier but ended in positive territory as worries over Greece subsided. Party leader Alexis Tsipras already moved to form a coalition that will work to reverse years of austerity measures imposed on Greece by the Troika with concerns over the possibility of a Greek exit from the eurozone.
Oil futures turned higher Monday recovering from losses sparked after the election win by Greek anti-austerity party Syriza. The March contract for benchmark West Texas Intermediate crude oil swung up 60 cents or 1.3% to $46.19 a barrel. Gold futures were down $13 at $1279 an ounce as investors engaged in profit-taking.
There were no major economic reports to kick off the trading week today but investors will be watching out for the the two-day meeting of policymakers. The latest policy statement is due out on Wednesday afternoon with no post-statement news conference scheduled.
In corporate activity it is the busiest week of the US earnings season with a slow start on Monday. () rose 5.5% after the home builder reported better-than-expected fiscal first quarter results as home deliveries jumped.
After the closing bell Dow component () and (NASDAQ:TXN) are among those headlining quarterly results.
In other news Axis Capital (NYSE:AXS) and PartnerRe (NYSE:PRE) have agreed to a $11 billion merger to create one of the world's largest reinsurers amid consolidation in the industry. The new company will be in the top five of reinsurers globally with more than $10 billion in combined policy sales.
() and Rock-Tenn () said they also plan to combine in a deal creating a packaging giant with nearly $16 billion in annual sales.
Post Holdings (NYSE:POST) is acquiring privately-held MOM Brands for $1.15 billion with the vast majority of the consideration to be paid out in cash.
Elsewhere () has agreed to a deal with the NFL to distribute some of the league's video on YouTube and surface highlight clips in search results ahead of the Super Bowl.
Shire (NASDAQ:SHPG) gained almost 2% after the company received FDA approval for its drug Natpara which is designed to treat a condition known as hypoparathyroidism.
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