: Dow climbs nearly 600 points as stocks open sharply higher after Friday’s punishing selloff


U.S. stocks opened sharply higher on Monday, with the Dow Jones Industrial Average advancing nearly 600 points, as stocks rebounded following Friday’s punishing selloff. The S&P 500 SPX, +2.65% climbed 80 points, or 2.3%, to 3,663. The Dow DJIA, +1.86% gained 568 points, or 1.9%, to 30,203. The Nasdaq Composite COMP, +3.43% advanced 276 points, or 2.7%, to 10,598. Analysts attributed the risk-friendly mood in U.S. markets to the latest news out of the U.K., where the newly installed Chancellor of the Exchequer Jeremy Hunt abandoned the majority of the £45 billion ($50.9 billion) in previously announced unfunded tax cuts, sparking a sharp rally in U.K. government bonds, known as gilts.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Microsoft to cut nearly 1,000 jobs: reports
Next articleN.Y. Fed’s factory index weakens in October with third straight negative reading


Please enter your comment!
Please enter your name here