U.S. Stocks Open Higher as Investors Stage a Rebound By

© Reuters

By Liz Moyer

-- U.S. stocks opened higher on Basic procedures for individual foreign exchange transactionsMonday as investors tried to put a tough week for stocks in the rearview mirror.

At 9:54 AM ET the Dow Jones Industrial Average was up 468 points, to 1.6% while the S&P 500 was up 2.1% and the NASDAQ Composite was up 2.6%.

The S&P had its worst week since 2020 last week as fears of a recession intensified after the Federal Reserve raised interest rates another three-quarters of a percentage point and suggested more of the same was to come in July.

Treasury Secretary Janet Yellen appeared on the Sunday news shows in the U.S. over the weekend to say she expects a slowdown but a recession isn’t inevitable.

Fed officials have taken a similar stance in recent days, including St. Louis Fed President James Bullard, who on Monday played down fears of a recession but warned that inflation posed risks.

Shares of Kellogg Company (NYSE:K) rose 4% after the company said it would split into three distinct businesses, including cereals in the U.S., snack food and international cereals, and plant-based food.

Spirit Airlines Inc (NYSE:SAVE) shares rose nearly 5% after JetBlue Airways Corp (NASDAQ:JBLU) added another $2 a share to its takeover offer.

Tesla Inc (NASDAQ:TSLA) shares rose 7% after CEO Elon Musk said the plan was to cut 10% of salaried employees, which would result in a reduction of 3.5% of its total workforce.

Oil rebounded. Crude Oil WTI Futures was up 2% to $110.25 a barrel and Brent Oil Futures was up 1.2% to $115.46 a barrel. Gold Futures was flat at $1,839 an ounce.

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