US stocks rebound modestly on Monday
NEW YORK: US stocks rose moderately as markets opened on Monday, in a slight rebound after fears of a weakening economic recovery triggered a brutal sell-off last week.
The Dow Jones Industrial Average was up 56.88 points (0.48 percent) at 12,008.79 in the first half-hour of trading.
The broader S&P 500 index gained 5.39 points (0.42 percent) at 1,276.37, while the tech-heavy Nasdaq Composite was up 12.14 points (0.46 percent) at 2,655.87.
"Participants expect some bargain hunting to happen following Friday's losses," said analyst Patrick O'Hare of Briefing.com.
US industrial and energy stocks such as Boeing, Caterpillar, Chevron, IBM, 3M and Exxon led the rebound, with all of their share prices rising more than 0.5 percent at the start of trading.
There were few data releases on the calendar to give the market direction.
Bond prices fell. The yield on the 10-year Treasury note rose to 3.00 percent from 2.95 percent on Friday. That on the 30-year bond rose to 4.20 percent from 4.17 percent.
Copyright AFP (Agence France-Presse), 2011
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