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US: Stocks rise as Fed interest rate fears ease


[NEW YORK] Wall Street stocks rose on Monday on easing concerns about Federal Reserve interest rate increases and as petroleum-linked equities surged on higher oil prices.

The Dow Jones Industrial Average jumped 117.61 points (0.66 per cent) to 17,880.85.

The broad-based S&P 500 rose 13.66 (0.66 per cent) to 2,080.62, while the tech-rich Nasdaq Composite Index gained 30.38 (0.62 per cent) to 4,917.32.

William Dudley, the president of the Federal Reserve Bank of New York, on Monday told a New Jersey gathering that a disappointing March jobs report suggests that first-quarter growth "is likely to be quite weak." Dudley said the timing of Fed interest rate hikes is "uncertain" and will remain dependent on economic data.