Stocks open higher, breaking 4-week losing streak

Associated Press//August 22, 2011//

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NEW YORK — Stocks are opening sharply higher, breaking a four-week losing streak.

Many traders are looking ahead to a speech by Ben Bernanke, the Federal Reserve chairman, at an annual meeting in Jackson Hole, Wyo. on Friday. Some analysts believe the Fed may make another move to help the flagging economy.

Lowe’s Cos. rose 1 percent in early trading Monday. The home improvement retailer said it will buy back up to $5 billion stock.

Stocks fell sharply over the past four weeks as traders worried the U.S. might enter another recession.

Shortly after the opening of trading, the Dow Jones industrial average rose 188 points, or 1.7 percent, to 11,005. The S&P 500 index rose 20 points, or 1.8 percent, to 1,144. The Nasdaq rose 50 points, or 2.1 percent, to 2,390.

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