US stocks rebound on openComment on this story
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