NEW YORK (CNNMoney)
U.S. stocks were modestly higher at the opening bell Monday as investors welcomed the latest offer by House Republicans on a potential deal to avert the onset of year-end tax hikes and spending cuts.
The Dow Jones industrial average and the S&P 500 both gained 0.3%. The Nasdaq was up 0.1%
House Speaker John Boehner made another offer over the weekend to Obama -- this time to raise tax rates on those making at least $1 million. The White House said it didn't go far enough but described the offer as "progress."
The offer "fundamentally transforms" the fiscal cliff debate, said Helen Fessenden, an analyst at Eurasia Group. "It not only means that a series of interlocking trade-offs can be considered in pursuit of a deal but it also signals that the Speaker ultimately believes a deal can be reached."
While investors welcomed the development, most doubt that a deal will be reached until the last possible moment.
"The U.S. fiscal cliff remains a Sword of Damocles over the markets," Marc Chandler, currency strategist at Brown Brothers Harriman, wrote in a note to clients. "There seems to be some movement but little progress."
Stocks were also supported by hopes for new stimulus measures in Japan, after an election over the weekend cleared the way for Shinzo Abe to return as prime minister. Abe has promised monetary and fiscal stimulus to rescue the world's third largest economy from recession.
Ahead of the opening bell, the New York Federal Reserve reported manufacturing conditions in the area have worsened in December. The index fell more than expected, to -8.1, from -5.2 in November.
In company news, Sprint announced it will buy out the rest of Clearwire for $2.2 billion early Monday, after making an offer last week. Shares of Sprint (S, Fortune 500) ticked up about 2%, but Clearwire (CLWR) stock fell nearly 9% in early trading.
Caribou Coffee Company (CBOU) agreed to be taken over by Joh. A. Benckiser Group, a German holding company that also bought Peet's Coffee & Tea earlier this year. The deal is valued at $340 million, according to a joint statement.
Apple (AAPL, Fortune 500)stock was up slightly in early trading. But shares had slipped below $500 in pre-market action. Apple has dropped significantly over the past four months.
U.S. stocks ended lower Friday as concerns about the gridlock continue to eclipse signs of improvement in the global economy.
Fear & Greed Index
Asian markets ended mixed, with Japan's Nikkei index posting the strongest gains as a result of the weekend's elections.
Meanwhile, European markets were lower in afternoon trading.
In other overseas news, India's finance ministry released its projections for gross domestic product in 2012-2013. Overall growth for the year is expected to come in around 5.7% to 5.9% -- which would mark the slowest rate of growth in 10 years. 
First Published: December 17, 2012: 9:44 AM ET
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