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NEW YORK (CNNMoney)
The Dow Jones industrial average gained nearly 0.2%, led by shares of Hewlett Packard. HP (HPQ, Fortune 500) shares jumped 3% on unconfirmed reports that activist investor Carl Ichan could take a stake in the computer maker. Shares of other technology companies, including Cisco (CSCO, Fortune 500) and Microsoft (MSFT, Fortune 500), also gained.
The tech-heavy Nasdaq was up 0.3%, but the broad S&P 500, which reflects trading in shares of many multinational companies, was little changed.
Over the weekend, Italian Prime Minister Mario Monti unexpectedly announced plans to step down after parliament passes a national budget later this month.
The news sent Italian stocks plunging and the yield on the Italian 10-year bond rising to nearly 5%. Investors are worried that Monti's resignation could throw a wrench into Italy's plans to bring down its high levels of debt. Italy is the third largest economy in the euro area and political instability there could reignite the region's debt crisis.
Related: Italian politics returns to haunt Europe
While markets have rallied under Monti's tenure, analysts say investors have been underestimating Italy's deep economic problems and political dysfunction.
"Markets have grown too complacent about Italy, in our view," said Silvio Peruzzo, an analyst at Nomrua Securities, in a note. "Some repricing of the sovereign risk is likely."
European stocks were mixed in afternoon trading Monday.
In other markets, oil and gold prices moved higher. Bond prices were higher, with the yield on the 10-year Treasury note falling to 1.61%. The U.S. dollar fell versus the euro, British pound and Japanese yen.
Related: Fear & Greed Index stuck in neutral
Aside from Europe, U.S. investors will remain cautious as long as lawmakers fail to find consensus before the end of the year to avert the scheduled tax increases and spending cuts. Without a deal, the U.S. economy could fall back into a recession.
Related: Federal Reserve may buy more bonds
Investors are also waiting to see how the Federal Reserve acts later in the week.
The Fed's Federal Open Market Committee meeting on Tuesday and Wednesday could move markets. The central bank will have to decide the fate of one of its stimulus programs, Operation Twist, which is set to end this month.
Economists are expecting that the Fed will convert its program from swapping short-term bonds from long-term bonds into an outright bond purchase program.
In Asia, inflation quickened in China and revised data indicated Japan has slipped into recession. Asian markets ended higher. The Shanghai Composite was the best-performing major index, adding more than 1%.
On the corporate front, shares of McDonald's (MCD, Fortune 500) gained ground after the fast food chain said global same-store sales, a key metric, rose 2.4% in November, led by sales growth in the United States.
Shares of Ingersoll-Rand (IR)rose after the company said it plans to spin off its commercial and residential security businesses into a new company. Ingersoll-Rand also announced a $2 billion share repurchase program and boosted its quarterly dividend.
Apple (AAPL, Fortune 500) shares continued to edge lower, following last week's nearly 9% slide.
Best Buy (BBY, Fortune 500) shares declined after the stock was downgraded by Bank of America analysts.
First Published: December 10, 2012: 9:37 AM ET
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