Markets

US stocks bounce higher in opening trade

NEW YORK : US stocks opened modestly higher Wednesday, rebounding from losses the previous day, on mixed corporate ea

Published August 17, 2011 Updated August 17, 2011 01:46pm

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By Imad Uddin

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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.

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