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US stocks open sharply higher after 6-day slump

August 26, 2015
A bank clerk counts renminbi banknotes in a bank branch in Huaibei in central China's Anhui province Wednesday Aug. 26, 2015. Asian stocks rose Wednesday after a rocky start following Beijing's decision to cut a key interest rate to help stabilize gyrating financial markets and free up more funding to counter short liquidity. (Chinatopix Via AP)

A bank clerk counts renminbi banknotes in a bank branch in Huaibei in central China’s Anhui province Wednesday Aug. 26, 2015. Asian stocks rose Wednesday after a rocky start following Beijing’s decision to cut a key interest rate to help stabilize gyrating financial markets and free up more funding to counter short liquidity. (Chinatopix Via AP)

NEW YORK (AP) — U.S. stocks are opening sharply higher Wednesday after slumping for six straight days amid concern that growth in China was slowing more quickly than previously thought.

The Dow Jones industrial average rose 370 points, or 2.4 percent, to 16,041 as of 9:37 a.m. Eastern. The Standard & Poor’s 500 index gained 41.09 points, or 2.1 percent, to 1,906.61. The Nasdaq composite climbed 101 points, or 2.3 percent, to 4,607.

Treasury bonds fell, pushing up the yield on the benchmark 10-year note to 2.16 percent.

Cameron international, a maker of equipment for the oil industry, jumped 45 percent after Schlumberger said it was buying the company in a cash-and-stock deal.