Stocks Rebound From Early Weakness, Dow Up Triple Digits -- US Commnetary

(RTTNews) - US stocks rallied in afternoon dealing to post modest gains Monday despite lingering nerves about the upcoming Federal Reserve rate decision.

Policy makers are expected to hike rates Wednesday in response to steady improvement in the U.S. economy.

The S&P 500 gained 9.57 points, or 0.48%, to 2,021, overcoming weakness among materials stocks.

The Dow Jones Industrial Average added 103.29 points, or 0.6%, to 17,368.

The Nasdaq Composite picked up 18.76 points, or 0.38%, to 4,952.

Energy stocks rebounded as crude oil prices steadied, bouncing back above $36 a barrel.

Telecom stocks jumped 1 percent, while consumer staples saw similar gains.

In corporate news, Newell Rubbermaid (NWL) said it would acquire Jarden for about $13.2 billion in cash and stock. Newell shares dropped 6.9 percent.

Apple Inc. (AAPL) was down fractionally after Morgan Stanley lowered its fiscal 2016 iPhone unit sales outlook.

GoPro (GPRO) shares plunged 9.6 percent after Morgan Stanley downgraded its rating to "Underweight" from "Equal-weight."