U.S. stocks rose more than 1 percent at the open on Monday on relief over a last-ditch deal in Washington to raise the U.S. borrowing limit and avert an unprecedented default.

The Dow Jones industrial average <.DJI> gained 134.34 points, or 1.11 percent, to 12,277.58. The Standard & Poor's 500 Index <.SPX> climbed 14.86 points, or 1.15 percent, to 1,307.14. The Nasdaq Composite Index <.IXIC> added 39.86 points, or 1.45 percent, to 2,796.24.

(Reporting by Chuck Mikolajczak)