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NEW YORK (AP) — Stocks rose sharply in early trading Monday,
shaking off a four-week losing streak.
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The Dow Jones industrial average rose 124 points, or 1.1 percent,
to 10,942. The Dow lost 4 percent last week as worries deepened
that the U.S. economy could slip back into a recession.
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Many traders are looking ahead to a speech by Ben Bernanke, the
Federal Reserve chairman, at an annual meeting in Jackson Hole,
Wyo. on Friday. Last year, Bernanke’s speech at Jackson Hole set
the stage for a $600 billion program to stimulate the economy
through buying Treasury bonds. Some analysts believe the Fed may
make another move to help the flagging U.S. economy.
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Brent crude prices fell to near $107 a barrel after Libyan rebels
swept into Tripoli, the country’s capital. If the uprising succeeds
in toppling Moammar Gadhafi, the OPEC nation’s oil exports could
resume soon.
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The gains early Monday were broad; all 10 industry groups in the
S&P 500 rose. Technology stocks rose 1.8 percent, the most of
any industry in the index. Hewlett-Packard Co. rose 5 percent, the
most of any stock in the Dow Jones industrial average.
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Boeing Co. rose 2.6 percent after Britain’s Royal Air Force said it
would buy 14 Chinook helicopters for $1.6 billion.
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Lowe’s Cos. rose 1 percent. The home improvement retailer said it
will buy back up to $5 billion stock over the next two to three
years. Last week, Lowe’s lowered its sales forecast for the second
half of the year as shoppers grow more worried about the
economy.
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The S&P 500 index rose 12 points, or 1.1 percent, to 1,136 in
early trading. The Nasdaq rose 28 points, or 1.2 percent, to
2,370.
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Stocks have been sliding over the past four weeks on worries that
the U.S. might enter another recession. The S&P 500 index lost
4.7 percent last week. The sharpest drops came Thursday with news
of weaker manufacturing in the mid-Atlantic states and an increase
in the number of people who applied for unemployment
benefits.
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No major economic reports are due out Monday. Later in the week,
traders will be sorting through figures on new home sales, durable
goods orders and weekly claims for unemployment benefits to see if
another recession could be on the way.
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