US shares higher amid eurozone drama

US stocks got off to a cautious start as investors grew increasingly concerned that the eurozone debt crisis will spread to Italy and Greece scrambled to form a new government to avert default. The major equities index wobbled near the flat line in the first minutes of trade on Monday, before heading into positive territory. The Dow Jones Industrial Average rose 37.39 points, or 0.31 per cent, to 12,020.63 in the first 10 minutes of trade. The tech-heavy Nasdaq Composite was up 3.83 points, or 0.14 per cent, to 2,689.98, while the broader S&P 500-stock index advanced 3.53 points, or 0.28 per cent, to 1,256.76. Rumours that Italian Prime Minister Silvio Berlusconi would resign as his country faces the risk it will be sucked into the debt crisis unsettled Wall Street. Mr Berlusconi swiftly denied the speculation, amid acute concern that Italy, the eurozone's third-largest economy, was next in line in the 17-nation single-currency zone for a massive bailout. Investors also kept tabs on Greece, where political chiefs sought on Monday to put the finishing touches to a unity government and appoint a new prime minister after a power-sharing deal to keep the country in the euro. "Drama in the eurozone continues to shape sentiment globally, with some clarity finally coming from Greece shifting the focus to Italy,'' Charles Schwab analysts said. "Embattled Greek Prime Minister Papandreou stepped down, agreeing to stand by as a national unity government will come together to secure financing to avoid a default, while Italian Prime Minister Silvio Berlusconi is rapidly losing support while also having to deny rumours of him resigning.'' US equity markets fell on Friday amid the non-stop political turmoil in Europe, as debt-strapped Greece fights to avoid sovereign default.