US stocks open higher; energy, GE early gainers
U. S. and global stocks rose in early trading Monday after a gloomy U. S. jobs report last week led investors to expect that the U. S. Federal Reserve will postpone its first interest rate increase in nearly a decade. Energy stocks rose along with the price of oil.
The Dow Jones industrial average rose 164 points, or 1 percent, to 16,636 as of 10: 28 a. m. Eastern. The Standard & Poor’s 500 index added 20.40 points, or 1.1 percent, to 1,972 and the Nasdaq composite rose 36 points, or 0.8 percent, to 4,743.
European stocks rose even more. Germany’s DAX added 2.8 percent, France’s CAC- 40 index jumped 3.5 percent and the UK’s FTSE 100 rose 2.5 percent.
Growth in the U. S. services sector slowed in September as sales fell and new orders plunged, evidence that stock market volatility may have hit consumer confidence and limited spending.
The Institute f or Supply Management says its services index fell to 56.9 last month from 59 in August, which was the second- highest reading in a decade. Any reading above 50 signals expansion.