US stocks rebound on open

Comment on this story
IOL wall street

New York - US stocks rose in opening trade Monday, rebounding from steep losses Friday as markets awaited key PMI manufacturing data for May.

Five minutes into trade, the Dow Jones Industrial Average was up 67.50 points (0.45 percent) at 15,183.07.

The broad-based S&P 500 gained 2.65 (0.16 percent) at 1,633.39, while the tech-rich Nasdaq Composite rose 3.89 (0.11 percent) to 3,459.80.

Part of the rebound is due to expectations that new money will get put to work on the first trading day of the month, said Patrick O'Hare at Briefing.com.

“It has not been lost on many participants that the market has shown an inclination to bounce back from large dips in short order. That understanding could be feeding a buy-the-dip mentality,” he said.

Stocks dived in late trade Friday after a flurry of mixed indicators, pushing the S&P 500 down 1.4 percent. - Sapa-AFP



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.