US stocks bounce higher in opening trade
NEW YORK: US stocks opened modestly higher Wednesday, rebounding from losses the previous day, on mixed corporate earnings and hotter-than-expected wholesale inflation.
The Dow Jones Industrial Average rose 63.65 points (0.56 percent) to 11,469.58 in the first five minutes of trade.
The broad-market S&P 500 advanced 8.63 points (0.72 percent) to 1,201.39 and the tech-laden Nasdaq Composite climbed 6.69 points (0.27 percent) to 2,530.14.
The positive opening came after an unexpected rise in wholesale inflation, despite a decline in energy prices.
US producer prices rose 0.2 percent in July from June, the Labor Department said. Economists had expected a flat reading.
On Tuesday, the indexes ended a three-session winning streak after a Germany-France summit failed to meet market hopes for concrete steps to address the eurozone debt crisis.
The Dow dropped 0.67 percent, the S&P fell 0.97 percent and the Nasdaq slumped 1.24 percent.
Copyright AFP (Agence France-Presse), 2011?Reuters
Comments
Comments are closed for this article.