Markets start with strong gains

U.S. stocks headed higher Monday morning as Germany released stronger than expected economic data. The IFO business index for Germany in March came to 109.8, higher than February's 109.7 and the forecast figure of 109.6. The news is more positive than Markit, the economic research firm that said last week the eurozone was headed toward a new recession. At the National Association for Business Economics Annual Conference, U.S. Federal Reserve Chairman Ben Bernanke said "accommodating monetary policies, by providing support for demand and for the recovery, should help, over time, to reduce long term unemployment," and indication that further efforts to stimulate the economy were under consideration. In midmorning trading on Wall Street, the Dow Jones industrial average gained 128.02 points, 0.98 percent, to 13,208.75. The Standard & Poor's 500 index rose 0.99 percent, 13.79, to 1,410.90. The Nasdaq composite index added 1.24 percent, 38.14, to 3,105.63. The 10-year benchmark treasury note fell 12/32 to yield 2.281 percent. The euro rose to $1.3322 from Friday's $1,327. Against the yen, the dollar rose to 82.87 yen from Friday's 82.35 yen. In Tokyo, the Nikkei 225 index gained 0.07 percent, 6.77, to 10,018.24.