US stocks open sharply higher after 6-day slump

AP News
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Posted: Aug 26, 2015 9:41 AM
US stocks open sharply higher after 6-day slump

NEW YORK (AP) — U.S. stocks are opening sharply higher Wednesday after slumping for six straight days amid concern that growth in China was slowing more quickly than previously thought.

The Dow Jones industrial average rose 370 points, or 2.4 percent, to 16,041 as of 9:37 a.m. Eastern. The Standard & Poor's 500 index gained 41.09 points, or 2.1 percent, to 1,906.61. The Nasdaq composite climbed 101 points, or 2.3 percent, to 4,607.

Treasury bonds fell, pushing up the yield on the benchmark 10-year note to 2.16 percent.

Cameron international, a maker of equipment for the oil industry, jumped 45 percent after Schlumberger said it was buying the company in a cash-and-stock deal.