U.S. stocks open higher after heavy weekly sell-off

NEW YORK, Feb. 12 (Xinhua) -- U.S. stocks opened higher on Monday as the market rebounded from a heavy weekly sell-off.

Shortly after the opening bell, the Dow Jones Industrial Average added 244.47 points, or 1.01 percent, to 24,435.37. The S&P 500 increased 25.76 points, or 0.98 percent, to 2,645.31. The Nasdaq Composite Index was up 65.11 points, or 0.95 percent, to 6,939.60.

Last week, all three major indices slumped deeply, with the Dow, the S&P 500 and the Nasdaq plunging 5.21 percent, 5.16 percent and 5.06 percent, respectively, notching their worst weekly performance in about two years.

Traders said that the investors' move to lock in profits, possibly some computer-programmed trading, combined with concerns that interest rates have sent the equities into correction territory.

Most analysts believed that the recent pullback was not linked to economic fundamentals. Instead, it was a healthy market correction that is welcomed and long overdue.

However, financial service company Societe Generale remains cautious for 2018 as extreme positioning, tapering of central bank liquidity and underestimated risks of inflation repricing may continue to exert pressure on risk assets.

Meanwhile, investors watched closely the latest news on Monday that the White House will unveil a long-awaited infrastructure plan that includes 200 billion U.S. dollars in federal infrastructure spending over 10 years. Enditem