Stocks opened up more than one percent on Monday, supported by European and Asian equities that rallied partly on a possible merger between two big banks in Greece.

Wall Street traders were also relieved that Hurricane Irene caused less damage than feared in New York City over the weekend, though shutdowns of major commuter transit lines meant many offices were understaffed, possibly resulting in lower trading volume.

The Dow Jones industrial average <.DJI> was up 144.85 points, or 1.28 percent, at 11,429.39. The Standard & Poor's 500 Index <.SPX> was up 15.67 points, or 1.33 percent, at 1,192.47. The Nasdaq Composite Index <.IXIC> was up 33.04 points, or 1.33 percent, at 2,512.89.

(Reporting by Ryan Vlastelica; editing by Jeffrey Benkoe)