US: Stocks jump on China stimulus

[NEW YORK] US stocks opened with solid gains Monday as the latest Chinese stimulus measure offset concerns about a Greek debt default.

Five minutes into trade, the Dow Jones Industrial Average was at 17,986.55, up 160.25 points (0.90 per cent).

The broad-based S&P 500 rose 13.72 (0.66 per cent) to 2,094.90, while the tech-rich Nasdaq Composite Index advanced 26.70 (0.54 per cent) to 4,958.51.

China's central bank announced Sunday it would cut the level of funds that commercial banks must hold in reserve in the world's second largest economy by one per centage point, the second such move this year to boost lending.

Over the weekend, both IMF Managing Director Christine Lagarde and European Central Bank chief Mario Draghi called on Greece to deliver a detailed fiscal and debt plan to official lenders.

US stocks fell sharply on Friday, part of a global equity sell-off on Greek default worries.

AFP