US stocks edge higher after upbeat European data

NEW YORK: US stocks opened slightly higher Tuesday following steep declines the prior day, with positive economic data in Europe helping to ease eurozone debt worries.

The Dow Jones Industrial Average rose 26.83 points (0.22 percent) to 12,407.34 in opening trade.

The broader S&P 500-stock index advanced 4.19 points (0.32 percent) to 1,321.56, while the tech-heavy Nasdaq Composite added 4.41 points (0.16 percent) at 2,763.31.

Briefing.com analyst Patrick O'Hare said that Wall Street is focused on eurozone sovereign debt problems in Greece, Ireland and Portugal.

"The euro has become a proxy of sorts for sentiment on the issue," O'Hare said.

"With the euro up this morning against the dollar, it can be said then that the market's nerves have settled a bit, but to say they are entirely calm is overstating things."

A better-than-expected business confidence report in Germany, Europe's biggest economy, helped to ease market jitters.

US stocks dived Monday amid heightened European debt fears and worries about slowing growth in China, the world's second-largest economy.

The Dow dropped 1.05 percent, the S&P 500 tumbled 1.19 percent and the Nasdaq fell 1.58 percent.

Copyright AFP (Agence France-Presse), 2011