U.S. stocks opened higher on Monday, rebounding from the worst weekly losses in years. Investor confidence appears to have been boosted by a rebound in oil prices, which remained volatile and were giving up early gains by the regular market open. Investors grappled with mixed economic reports. A reading on manufacturing activity in New York State in December was weaker than anticipated. Meanwhile, industrial production in November rose by more than expected. The big event that investor will focus this week will be the Federal Open Market Committee meeting and news conference with Fed Chairwoman Janet Yellen on Wednesday. The S&P 500 opened 12 points, or 0.6%, higher at 2,014. The Dow Jones Industrial Average gained 106 points, or 0.6%, to 17,386. The Nasdaq Composite began the day with a gain of 27 points, or 0.6%, at 4,679.
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