By Liz Moyer

Investing.com — U.S. stock opened higher Monday as it tried to rebound from losses last week. This is because global political and business leaders are meeting in Davos (Switzerland) for the World Economic Forum, the most important gathering of their kind since the outbreak.

At 9:42 AM ET the index had risen 293 points or 0.9% while the was down 0.8% and the was down 0.6%.

The sentiment was helped by President Joe Biden’s comments that the U.S. was looking at tariffs on China, and whether they could be decreased or eliminated. Biden was not at Davos but was on vacation in Asia. 

In a CNBC appearance at Davos, Bank of America CEO Brian Moynihan said “There’s a lot of fear and worry about the Fed tightening,” in reference to rising interest rates. “The fear is rising. But the reality is, no one’s really saying there’ll be a recession in 2022 or 2023 yet. We’ll see what happens there.”

The S&P 500 dipped briefly into bear market territory on Friday as part of a prolonged selloff in stocks that began earlier this year while investors braced for the effects of rising rates and the erosion of inflation on their spending power.

The Wall Street Journal reported that VMware Inc (NYSE 🙂 shares rose 18% following a report that it was in advanced discussions with Broadcom Inc. Starbucks Corporation (NASDAQ for:) shares rose 0.1% on the news that it is leaving Russia after 15 year.

Also, headlines focused on banks. Bank of America Corp shares increased by 3% (NYSE:). It will raise its minimum hourly salary in the U.S. by $22. JPMorgan Chase & Co (NYSE:) shares rose 3% after it raised its outlook for net interest income.

Oil ticked higher. The price of oil was 0.3% higher at $110.55/barrel, and crude oil rose 0.3% from $110.32/barrel. 1.85% to $1.854 per ounce.