US close: Markets fluctuate as investors digest Greek elections' results

US stocks fluctuated on Monday, as investors digested the possible ramifications of the general election result in Greece, while Wall Street remained open despite one of the worst blizzard over the last few years.

The Dow Jones Industrial Average closed up 0.03% at 17,678.70 points, while the S&P 500 ended the first session of the week up 0.26% at 2,057.09 and the Nasdaq gained 0.29% to 4,771.76.

In New York, residents were told to stay at home as a blizzard forecasters call “life-threatening” could see as much as three feet of snow fall in some areas from New York to Boston. However, the New York Stock Exchange operated on a normal schedule on Monday and is expected to do so on Tuesday as well.

As widely expected, anti-austerity party Syriza won the Greek general election on Sunday and, as it fell three seats short of achieving an overall majority, agreed a coalition with right-wing Independent Greeks. Both parties aim to renegotiate the nation’s international bailout.

"The wider implications of Syriza’s victory are complex," said Azad Zangana, senior European economist and strategist at Schroders

"From a markets standpoint, the reaction so far has been muted. The euro is trading higher against both the US dollar and sterling (albeit after days of falls), while European bourses are a little higher, with the notable exception of the Athens Stock Exchange

"Compared to when the European sovereign debt crisis first started, the markets’ contagion risk has been dramatically reduced. European financial institutions now have minimal exposure to Greece, which reduces the likelihood of a wider crisis returning."

In corporate news, IBM, rose 0.31% after dismissing rumours that it was preparing the largest corporate lay-off in history, while Microsoft fell 2.47% in after-hour trading, even though the firm announced its second quarter earnings per share met analysts' expectations.

The company's second quarter earnings fell to 71 cents per share from 78 cents a share in the year-earlier period, while revenue increased to $26.47bn from $24.52bn a year ago.

Post Holdings soared 17.83% after announcing it will acquire privately-held MOM Brands Co. for $1.15bn, while MeadWestvaco jumped 14% after news emerged that the firm will merge with Rock-Tenn in a company with combined equity value of $16bn.

S&P 500 - Risers
MeadWestvaco Corp. (MWV) $51.35 +14.01%
Wynn Resorts Ltd. (WYNN) $155.85 +6.74%
Peabody Energy Corp. (BTU) $6.67 +5.87%
D. R. Horton Inc. (DHI) $24.38 +5.54%
Transocean Ltd. (RIG) $16.49 +5.23%
Mylan Inc. (MYL) $56.80 +4.78%
Roper Industries Inc. (ROP) $155.70 +4.01%
First Solar Inc. (FSLR) $44.17 +3.83%
United States Steel Corp. (X) $21.33 +3.64%
Allegheny Technologies Inc. (ATI) $28.26 +3.44%

S&P 500 - Fallers
Seagate Technology Plc (STX) $59.06 -7.69%
Mattel Inc. (MAT) $26.64 -4.99%
Western Digital Corp. (WDC) $100.98 -4.83%
W.W. Grainger Inc. (GWW) $234.81 -4.54%
Adt Corp (ADT) $33.82 -3.29%
Hewlett-Packard Co. (HPQ) $38.84 -3.09%
Dollar Tree Inc (DLTR) $70.36 -2.37%
LyondellBasell Industries (LYB) $79.27 -1.89%
Adobe Systems Inc. (ADBE) $72.74 -1.78%
Medtronic Inc. (MDT) $75.59 -1.77%

Dow Jones I.A - Risers
Chevron Corp. (CVX) $108.88 +1.90%
McDonald's Corp. (MCD) $90.67 +1.24%
Pfizer Inc. (PFE) $32.80 +1.08%
Exxon Mobil Corp. (XOM) $91.76 +0.96%
Home Depot Inc. (HD) $106.36 +0.94%
Merck & Co. Inc. (MRK) $62.82 +0.53%
Caterpillar Inc. (CAT) $86.03 +0.49%
General Electric Co. (GE) $24.59 +0.45%
E.I. du Pont de Nemours and Co. (DD) $74.11 +0.43%
International Business Machines Corp. (IBM) $156.36 +0.31%

Dow Jones I.A - Fallers
Intel Corp. (INTC) $35.81 -1.76%
United Technologies Corp. (UTX) $118.75 -1.03%
American Express Co. (AXP) $83.30 -0.99%
Cisco Systems Inc. (CSCO) $27.96 -0.87%
Coca-Cola Co. (KO) $43.00 -0.72%
Visa Inc. (V) $256.53 -0.68%
AT&T Inc. (T) $33.18 -0.57%
Procter & Gamble Co. (PG) $89.58 -0.56%
Boeing Co. (BA) $134.07 -0.41%
Verizon Communications Inc. (VZ) $46.96 -0.40%

Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $155.85 +6.74%
Mylan Inc. (MYL) $56.80 +4.78%
Liberty Media Corporation - Class A (LMCA) $35.65 +3.18%
Tesla Motors Inc (TSLA) $206.55 +2.61%
Tractor Supply Company (TSCO) $81.78 +2.59%
Sirius XM Holdings Inc (SIRI) $3.66 +2.52%
Garmin Ltd. (GRMN) $54.30 +2.43%
Illumina Inc. (ILMN) $201.68 +2.29%
Expeditors International Of Washington Inc. (EXPD) $45.24 +2.14%
Netflix Inc. (NFLX) $446.56 +2.08%

Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $59.06 -7.69%
Mattel Inc. (MAT) $26.64 -4.99%
Western Digital Corp. (WDC) $100.98 -4.83%
Vimpelcom Ltd Ads (VIP) $3.80 -3.31%
Dollar Tree Inc (DLTR) $70.36 -2.37%
Adobe Systems Inc. (ADBE) $72.74 -1.78%
Intel Corp. (INTC) $35.81 -1.76%
Baidu Inc. (BIDU) $229.46 -1.66%
NetApp Inc. (NTAP) $38.90 -1.47%
Nxp Semiconductors Nv (NXPI) $79.12 -1.38%

Ocwen Financial Group rose over 8% after avoiding having its licence suspended as it agreed to a $2.5m settlement with the state of California, while DR Horton gained 5.54% after posting better-than-expected first quarter profit.

Oil prices continued to fall on Monday, with West Texas crude futures falling 1.1% to just over $45 a barrel and Brent sliding 1.4% to settle at just over $48 a barrel.

Abdulla al-Badri, the secretary general of the Organisation for Petroleum Exporting Countries (OPEC), has claimed that oil prices could be on the rise very soon.

"Now the prices are around $45-$50 and I think maybe they reached the bottom and will see some rebound very soon," Badri was quoted as saying by Reuters.

Gold futures lost a percentage point to $1,279.70 while the dollar gained 0.9% against the yen, but lost 0.6% against the pound. Having hit fresh lows on Sunday, the euro rebounded strongly and gained 1% against the greenback.