S&P 500, Dow open higher as banking jitters ease after UBS-Credit Suisse deal

The S&P 500 and Dow opened higher on Monday after UBS Group agreed to buy its beleaguered Swiss peer, Credit Suisse, in a deal that was aided by Swiss authorities. The S&P 500 SPX, +1.30% gained 5 points, or 0.1%, to 3,921. The Dow Jones Industrial Average DJIA, +0.98% advanced 90 points, or 0.3%, to 31,952. The Nasdaq Composite COMP, +1.58% shed 16 points, or 0.1%, to 11,618. On Sunday night in New York, the Federal Reserve in coordination with a host of other central banks announced plans to introduce daily U.S. dollar swap-line operations to help bolster liquidity in the global financial system. U.S. banking stocks including holdings of the SPDR S&P Regional Bank ETF KRE, +5.76% traded broadly higher after the open, although weakness persisted in shares of First Republic Bank FRC, +29.47%, which opened sharply lower.

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