Stocks Open Higher as Economic Data Heats Up

U.S. stocks opened higher on Monday as better-than-expected industrial production and manufacturing data added to confidence. The Dow Jones Industrial Average lately jumped 178.78 points, or 1.11%, to 16,244.45. The S&P 500 was up 17.41 points, or 0.95%, at 1,858.54. The Nasdaq Composite gained 44.65 points, or 1.05%, at 4,290.05.

Industrial production in February grew at the fastest monthly rate in six months, bouncing back after a weather-addled start to the year.The Federal Reserve said Monday that industrial production grew 0.6% in February, topping the MarketWatch-compiled economist consensus for 0.2% growth.

U.S. manufacturing output rebounded more than expected in February and recorded its largest increase in six months. Factory production increased 0.8 percent last month, its largest increase since August, the Federal Reserve said on Monday.

Alibaba’s dominance of online retail in China faces its biggest-ever challenge as the firm founded by Jack Ma in a one-room apartment 15 years ago lines up a U.S. initial public offering that could value the firm at around $140 billion.