Stocks Opened Higher on Fischer Comments

U.S. stocks opened higher on Monday , as investors appeared to be heartened by comments from Federal Reserve Vice Chairman Stanley Fischer, who hinted that the U.S. central bank may not lift interest rates until inflation returns to normal levels. The Dow Jones Industrial Average lately jumped 172.24 points, or 0.99%, to 17,545.62, while the S&P 500 gained 20.98 points, or 1.01%, to 2,098.55. The Nasdaq Composite rose 58.52 points, or 1.16%, to 5,102.06.

U.S. inflation is only temporarily “very low” due in part to commodity prices, while the U.S. economy has nearly achieved full employment, Federal Reserve Vice Chairman Stanley Fischer said on Monday.

Oil traded near the lowest level in almost five months in New York as a rebound in U.S. drilling signaled production is withstanding the slump in prices. West Texas Intermediate for September delivery rose 5 cents to $43.92 a barrel on the New York Mercantile Exchange at 11:33 a.m. London time.It earlier fell as much as 52 cents to $43.35 a barrel.

China’s largest e-commerce company and its biggest electronics retailer Monday unveiled an alliance in which Alibaba Group Holding Ltd. (BABA) would invest more than 28 billion yuan ($4.63 billion) for a nearly 20% stake in Suning Commerce Group Ltd.

Dean Foods Co. (DF) reported on Monday second-quarter net earnings of $26.5 million, or 28 cents a share, compared with a loss of $645,000, or 1 cent a share, in the same period a year ago.