US stocks leap on market open
NEW YORK — US stocks scored solid gains in opening trade Monday, rebounding from Friday’s sell-off ahead of the Federal Reserve monetary policy meeting this week.
Five minutes into trade, the Dow Jones Industrial Average leaped 140.96 points (0.94 percent) to 15,211.14.
The broad-based S&P 500 advanced 13.85 (0.85 percent) to 1,640.58, while the tech-rich Nasdaq Composite added 29.15 (0.85 percent) at 3,452.71.
Stocks, in highly volatile trade Friday, posted their third losing week in four, with all three indices losing more than one percent.
The Fed is expected to hold a steady course on interest rates and its $85 billion-a-month bond-buying program at the conclusion of its two-day meeting Wednesday, followed by a news conference with Fed chairman Ben Bernanke.
“The prevailing assumption is that Mr. Bernanke will take the opportunity to calm the market’s angst about an eventual tapering decision,” said Patrick O’Hare of Briefing.com.
“For now, the market appears content to move with visions of continued Fed support in its head.”
