Stocks Rose at Open, Dow Jumped 140 Points

U.S. stocks opened higher on Monday, as investors waited for home-sales data and a speech from a key Federal Reserve member to provide further direction. The Dow Jones Industrial Average lately added 142.44 points, or 0.87%, to 16,527.02. The S&P 500 gained 14.74 points, or 0.75%, to 1,972.77. The Nasdaq Composite was up 32.34 points, or 0.67%, to 4,859.57.

St. Louis Fed President James Bullard said Monday it’s time to increase interest rates, and policymakers should not react to turmoil in financial markets.

Around 15 billion euros ($16.9 billion) was wiped off the market value of Volkswagen AG on Monday following revelations that the German carmaker rigged U.S. emissions tests for about 500,000 diesel cars.

Oil rose by more than 2 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices. Global benchmark Brent crude oil rose $1.19 to a high of $48.66 a barrel before easing back to trade around $48.60 by 1200 GMT.