US stocks rebound as factory output surges
NEW YORK (AP) — Stocks are sharply higher in early trading following news that output at U.S. factories surged last month.
The Dow Jones industrial average soared 200 points, or 1.2 percent, to 16,262 in the first half-hour of trading 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 early surge came as concerns about the ongoing political crisis in Ukraine faded.
The Standard & Poor’s 500 index rose 20 points, or 1 percent, to 1,861. The Nasdaq composite index rose 53 points, or 1.3 percent, to 4,298.
Sears Holdings rose 2 percent after the company said it would spin off its Land’s End business.