NEW YORK (AP) — Stocks are extending a rally after China said it will allow its currency to appreciate against the dollar, a move that could provide a boost for U.S. manufacturers and exporters.
China currently keeps its currency, the yuan, artificially low to bolster exports. At the same time, the weak currency makes imported goods expensive for consumers. A stronger yuan compared with the dollar should allow U.S. manufacturers to be more competitive selling their products in China, one of the world’s largest and fastest growing economies.
In the opening moments of trading Monday, the Dow Jones industrial average is up 113.97, or 1.1 percent, at 10,565.29. The Standard & Poor’s 500 index is up 10.92, or 1 percent, at 1,128.43, while the Nasdaq composite index is up 28.72, or 1.2 percent, at 2,338.52.
