NEW YORK — U.S. stocks opened broadly higher Monday following the biggest weekly losses in two and a half years. The Russian ruble hit a record low against the dollar.
KEEPING SCORE: The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 2,009 as of 10:12 a.m. Eastern. The Dow Jones industrial average rose 48 points, or 0.3 percent, to 17,330. The Nasdaq composite rose 11 points, or 0.2 percent, to 4,664.
OIL: The price of oil edged lower, erasing an early gain. Benchmark U.S. crude fell 62 cents to $57.22 a barrel on the New York Mercantile Exchange.
BROAD GAINS: All ten sectors of the S&P 500 rose. Technology and energy stocks were up the most.
RUSSIA'S PAIN: The ruble plunged 5.6 percent to 61.40 to the dollar. The ruble started the year at 32.85 to the dollar. The falling price of oil, which is the chief source of Russian exports and tax revenue, has weighed heavily on the currency.
FACTORY FIX: U.S. manufacturing output in November surpassed its pre-recession peak as auto production ramped up. The Federal Reserve figures are an encouraging sign that America's factories are insulated from the global economic slowdown.
EUROPEAN STOCKS: France's CAC 40 lost 0.3 percent and Germany's DAX fell 0.2 percent. Britain's FTSE 100 was down 0.3 percent.
JAPAN ELECTIONS: Japan's ruling coalition won in lower house elections Sunday, giving Prime Minister Shinzo Abe's Liberal Democrats up to four more years. However a business survey released Monday highlighted challenges facing Abe's government, which is using large-scale monetary and fiscal stimulus to try to end two decades of stagnation. More than two-thirds of companies surveyed said the outlook for the coming quarter wasn't favorable.
THE QUOTE: "The fears around an oversupply of oil are refusing to go away...resurfacing questions over the global economic recovery," said Jameel Ahmad, chief market analyst for FXTM.
SYDNEY SIEGE: Australia's prime minister says an unfolding hostage situation may be politically motivated. Five people have been able to flee the cafe in downtown Sydney where a gunman took an unknown number of hostages at the height of the Monday morning rush hour.
ASIAN SCORECARD: Japan's Nikkei closed down 1.6 percent. Hong Kong's Hang Seng dropped 1 percent and Seoul's Kospi shed 0.1 percent. Australia's S&P/ASX 200 dropped 0.6 percent. China's Shanghai Composite reversed losses to close up 0.5 percent.
BONDS: Prices for U.S. government bonds fell. The yield on the 10-year Treasury note rose to 2.12 percent from 2.08 percent late Friday.
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