US stocks gain, recovering some losses after a big slump on Friday; GM rises on buyback plan

Markets Associated Press

Stocks are closing higher as investors shake off fears from last week over a possible interest rate increase this summer.

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The market had slumped on Friday after a strong jobs report boosted expectations that the Federal Reserve would raise rates in June.

General Motors gained 3 percent after announcing a $5 billion stock buyback to appease an activist investor.

The Standard & Poor's 500 index rose eight points, or 0.4 percent, to close at 2,079.

The Dow Jones industrial average climbed 138 points, or 0.8 percent, to 17,995. The Nasdaq composite rose 15 points, or 0.3 percent, to 4,942.

Bond prices rose, pushing yields lower. The yield on the 10-year Treasury note fell to 2.19 percent from 2.25 percent late Friday.