Dow climbs nearly 600 points as stocks open sharply higher after Friday’s punishing selloff

U.S. stocks opened sharply higher on Monday, with the Dow Jones Industrial Average advancing nearly 600 points, as stocks rebounded following Friday’s punishing selloff. The S&P 500
SPX,
+2.73%
climbed 80 points, or 2.3%, to 3,663. The Dow
DJIA,
+1.93%
gained 568 points, or 1.9%, to 30,203. The Nasdaq Composite
COMP,
+3.27%
advanced 276 points, or 2.7%, to 10,598. Analysts attributed the risk-friendly mood in U.S. markets to the latest news out of the U.K., where the newly installed Chancellor of the Exchequer Jeremy Hunt abandoned the majority of the £45 billion ($50.9 billion) in previously announced unfunded tax cuts, sparking a sharp rally in U.K. government bonds, known as gilts.