U.S. stocks open higher amid economic data

Source: Xinhua| 2018-03-14 22:15:28|Editor: Chengcheng
Video PlayerClose

NEW YORK, March 14 (Xinhua) -- U.S. stocks opened higher on Wednesday as investors digested a batch of economic reports.

Advance estimates of U.S. retail and food services sales for February 2018 came in at 492 billion U.S. dollars, a decrease of 0.1 percent from the previous month, missing market consensus of a 0.4-percent gain, the Commerce Department said Wednesday.

Meanwhile, the Producer Price Index for final demand advanced 0.2 percent in February, seasonally adjusted, in line with market estimates, the U.S. Labor Department reported Thursday.

On an unadjusted basis, the final demand index increased 2.8 percent for the 12 months ended in February.

Investors also kept a close eye on the White House, after President Donald Trump fired Secretary of State Rex Tillerson and announced he will be replaced by Central Intelligence Agency Director Mike Pompeo.

Analysts said that the gains for U.S. stocks indicated a rebound from the prior day, when traders may have used the departure of Tillerson as an excuse to lock in profits following recent solid gains in U.S. equities.

Shortly after the opening bell, the Dow Jones Industrial Average rose 104.39 points, or 0.42 percent, to 25,111.42. The S&P 500 increased 10.77 points, or 0.39 percent, to 2,776.08. The Nasdaq Composite Index was up 29.60 points, or 0.39 percent, to 7,540.61.

U.S. stocks reversed early gains to end sharply lower on Tuesday as investors meditated on the newly released consumer price data.