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US stocks leap more than 1.0% in early trade

Traders work on the floor of the New York Stock Exchange on June 13, 2013 in New York City
Traders work on the floor of the New York Stock Exchange on June 13, 2013 in New York City. US stocks scored solid gains in early trade, rebounding from Friday's sell-off ahead of the Federal Reserve monetary policy meeting this week.

US stocks scored solid gains in early trade Monday, rebounding from Friday's sell-off ahead of the Federal Reserve monetary policy meeting this week.

Forty-five minutes into trade, the Dow Jones Industrial Average was up 164.73 points (1.09 percent) at 15,234.91.

The broad-based S&P 500 advanced 16.64 (1.02 percent) to 1,643.37, while the tech-rich Nasdaq Composite jumped 39.77 (1.16 percent) to 3,463.33.

Technology stocks surged higher. Chip maker Advanced Micro Devices soared 3.7 percent and Micron Technology added 5.1 percent.

Netflix was on a roll, gaining 5.7 percent after announcing a deal giving the Internet TV network original content from DreamWorks Animation, up 6.9 percent.

Dow member Boeing gained 1.2 percent after announcing more than $6 billion in new aircraft orders at the Paris Air Show.

Smithfield Foods rose 0.9 percent. A large shareholder of the global pork giant, Starboard Value, called Monday for the company to be broken up rather than sold to Shuanghui International, saying the Chinese group's takeover bid deeply undervalues the company.

The Fed is expected to hold a steady course on interest rates and its $85 billion-a-month bond-buying program at the conclusion of its two-day meeting Wednesday, followed by a news conference with Fed chairman Ben Bernanke.

"The prevailing assumption is that Mr. Bernanke will take the opportunity to calm the market's angst about an eventual tapering decision," said Patrick O'Hare of Briefing.com.

"For now, the market appears content to move with visions of continued Fed support in its head."

Stocks, in highly volatile trade Friday, posted their third losing week in four, with all three indices losing more than one percent.

Bond prices were mostly flat. The yield on the 10-year US Treasury was at 2.13 percent, unchanged from late Friday, while the 30-year edged up to 3.31 percent from 3.30 percent. Bond prices move inversely to yields.

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