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Stocks open flat as investors await slew of news

Sometimes the best thing to do is do nothing.

Wall Street opened flat Monday as investors, fatigued from pushing shares higher for past two sessions, sat tight as they awaited a slew of business news due out later this week.

Among the expected events: A two-day meeting of the Federal Reserve's policymaking committee that begins Tuesday; the monthly employment data for July scheduled for Friday; and a European Central Bank meeting amid hopes the ECB will take steps to stimulate growth and head off the widening eurozone debt crisis.

"Markets have reached a point that has priced in action by the ECB," said GFT market strategist Andrew Taylor. "This sets up a situation where (ECB President Mario) Draghi will now have to back his words with action or we could see markets tumble quicker than they rallied."

Shortly after the opening bell the Dow Jones industrial average was up 22.63 points, or 0.17 percent, at 13,098.29. The Standard & Poor's 500 Index was up 0.60 points, or 0.04 percent, at 1,386.57. The Nasdaq Composite Index was up 7.39 points, or 0.25 percent, at 2,965.48.

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Reuters contributed to this report.