Wall Street Opens Higher on Dip-Buying; Dow up 260 Pts By

© Reuters.

By Geoffrey Smith — U.S. stock markets opened May brightly, with plenty of willingness to buy the dip caused by end-of-month profit-taking on Friday. 

The market was underpinned by expectations that the coming week will bring further evidence of a robust economic recovery, in the shape of the ADP and official labor market reports on Wednesday and Friday respectively. Concerns about a possible tightening of monetary policy remain muted, meanwhile, despite comments by Dallas Federal Reserve President Robert Kaplan last Friday that it is already appropriate to talk about reducing the pace of bond purchases from the current rate of $120 billion a month. 

Kaplan is a noted hawk among the central bank’s top management and his voice seems set to remain a minority one for some time yet.

As of 9:40 AM ET (1340 GMT), the was up 265 points, or 0.8%, at 34,139 points. The was up 0.5% and the was up 0.2%.

Amon the early movers was Verizon stock, which rose 0.7% after the company said it has agreed to sell various media assets including Yahoo and AOL to Apollo, drawing a line under an unsuccessful foray into advertising technology.

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