Stocks Opened Higher on Upbeat China Data

U.S. stocks opened higher on Monday, tracking a global rally as better-than-expected manufacturing data out of China helped assuage worries of a broad economic slowdown. The Dow Jones Industrial Average lately jumped 158.10 points, or 0.61%, to 26,086.78. The S&P 500 climbed 18.28 points, or 0.64%, to 2,852.68. The Nasdaq Composite gained 60.03 points, or 0.78%, to 7,789.35.

Oil futures rose Monday, boosted by upbeat Chinese economic data. West Texas Intermediate crude for May delivery rose 71 cents, or 1.2%, to $60.85 a barrel. Brent crude’s June contract was up $1.06, or 1.6%, to $68.64 a barrel.

The Caixin China manufacturing purchasing managers index rose to 50.8 in March from 49.9 in February, rebounding to expansionary territory for the first time in four months. The results of the Caixin/Markit Manufacturing PMI survey reaffirmed data from China’s National Bureau of Statistics released Sunday, which showed that China’s manufacturing sector expanded for the first time in four months in March.

U.S. retail sales unexpectedly eased in February on declines in grocery stores and building materials. The value of overall sales fell 0.2 percent after an upwardly revised 0.7 percent increase the prior month, according to Commerce Department figures released Monday.