11/21/2014 09:40 EST | Updated 01/21/2015 05:59 EST

US stocks rise sharply at the open after rate cut from China, hint of stimulus in Europe

U.S. stocks rose sharply in early trading after a surprise interest rate cut in China and a hint of further stimulus for Europe from the head of that region's central bank.

The Standard & Poor's 500 index rose nine points, or 0.5 per cent, to 2,062 as of 9:31 a.m. Eastern time Friday.

The Dow Jones industrial average climbed 103 points, or 0.6 per cent, to 17,882. The Nasdaq composite gained 48 points, or 1 per cent, to 4,750.

The price of oil rose 73 cents to $76.58 a barrel in New York.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.33 per cent.