US stocks jump on China stimulus

New York - US stocks opened with solid gains on Monday as the latest Chinese stimulus measure offset concerns about a Greek debt default.

Five minutes into trade, the Dow Jones Industrial Average was at 17 986.55, up 160.25 points.

The broad-based S&P 500 rose 0.66% to 2 094.90, while the tech-rich Nasdaq Composite Index advanced 0.54% to 4 958.51.

China's central bank announced Sunday it would cut the level of funds that commercial banks must hold in reserve in the world's second largest economy by one percentage point, the second such move this year to boost lending.

Over the weekend, both IMF Managing Director Christine Lagarde and European Central Bank chief Mario Draghi called on Greece to deliver a detailed fiscal and debt plan to official lenders.

US stocks fell sharply on Friday, part of a global equity sell-off on Greek default worries.