US stocks rebound to start week

New York, May 22 (IANS) US stocks rebounded Monday after major indexes suffered their worst weekly losses in the previous week.

Investors were wary after leaders of eight industrial countries concluded their meeting over the weekend and only gave verbal backing for Greece to stay in the eurozone, reports Xinhua.

However, there were rumors that European policy makers would boost a pan-European bank deposit program, which was considered as a positive sign to protect depositors' interests.

Social media company Facebook plunged as much as 12 percent Monday, falling sharply below its initial public offering prices, which suggested a strong sell-off after its debut last Friday.

The bellwether social media company closed last Friday at $38.23, slightly above its issuing price.

In midday trading, the Dow Jones industrial average gained 102. 44 points, or 0.83 percent, at 12,471.82. The Standard & Poor's 500 was up 15.32 points, or 1.18 percent, to 1,310.54. The Nasdaq Composite Index rose 51.06 points, or 1.84 percent, to 2,829.85.