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US stocks open higher, led by gains for financial stocks; Lennar climbs on strong earnings

NEW YORK, N.Y. – U.S. stocks are opening higher, led by gains for financial stocks.

The Dow Jones industrial average rose 100 points, or 0.6 per cent, to 16,485 as of 9:38 a.m. Eastern time Monday.

The Standard & Poor’s 500 climbed 11 points, or 0.6 per cent, to 1,969 and the Nasdaq composite gained 28 points, or 0.6 per cent, to 4,857.

The stock market is steadying after the Federal Reserve decided last week to keep its benchmark interest rate on hold, raising concerns about the outlook for global growth.

Homebuilder Lennar climbed after the company reported strong earnings as it delivered more homes and saw a rise in new orders.

Bond price fell, pushing up the yield on the benchmark 10-year Treasury to 2.18 per cent from 2.13 per cent on Friday.