Stocks Open Higher; Dow Jumps More Than 200 Points

U.S. stocks opened sharply higher on Monday, with the Dow industrials rising triple digits, followed a rally on Friday after Federal Reserve Chairwoman Janet Yellen’s dovish comments lent support to the bulls. The Dow Jones Industrial Average lately jumped 259.95 points, or 1.47%, to 17,972.61. The S&P 500 gained 21.39 points, or 1.04%, to 2,082.41. The Nasdaq Composite was up 48.60 points, or 0.99%, to 4,939.82.

Consumer purchases rose less than projected in February, indicating the biggest part of the U.S. economy will find it hard to sustain momentum after the best quarter since 2006. The 0.1 percent gain followed a 0.2 percent drop the prior month, Commerce Department figures showed Monday in Washington.

In a deal that could help wrest back control over the soaring cost of prescription drugs, UnitedHealth Group (UNH)’s Optum Rx Corp. will buy pharmacy benefit manager Catamaran Corp. (CTRX) for $12.8 billion.

A system-wide computer failure at JetBlue Airways Corp. Monday led to long lines in several airports around the country as passengers had to be checked in manually.

The herbal supplement industry got a shot in the arm Monday, as GNC Holdings Inc. (GNC) said it reached an agreement with the New York Attorney General, affirming that GNC’s products were in full compliance with the Food and Drug Administration.