US Stocks Jump on China Stimulus

US Stocks Jump on China Stimulus

Easing of lending requirements lifts Greek debt default gloom

U.S. stocks surged early Monday as the latest Chinese stimulus measure offset concerns about a Greek debt default.

About 30 minutes into trade, the Dow Jones Industrial Average was at 18,044.17, up 217.87 points (1.22%).

The broad-based S&P 500 rose 18.05 (0.87%) to 2,099.23, while the tech-rich Nasdaq Composite Index advanced 40.68 (0.82%) to 4,972.49.

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 percentage 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. 

Copyright Agence France-Presse, 2015

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