US stocks rebound as factory output surges
NEW YORK (AP) — Stocks are sharply higher following news that output at U.S. factories surged last month.
The Dow Jones industrial average rose 181 points, or 1.1 percent, to 16,247 Monday.
The increase in factory production was the biggest in six months. That reassured investors that an economic slowdown in January may have been temporary as much of the U.S. was affected by severe winter weather.
The Standard & Poor’s 500 rose 17 points, or 1 percent, to 1,858. The Nasdaq composite rose 34 points, or 0.8 percent, to 4,279.
Hertz rose 5 percent following a report that the company may spin off its construction equipment rental business.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.69 percent.