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

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, +2.68% climbed 80 points, or 2.3%, to 3,663. The Dow DJIA, +1.84% gained 568 points, or 1.9%, to 30,203. The Nasdaq Composite COMP, +3.31% 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.

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