US stocks open higher ahead of Fed minutes

New York, Feb 17 (IANS) US stocks opened higher on Wednesday as Wall Street digested a batch of economic reports ahead of the release of Federal Reserve’s minutes in the afternoon.

US privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,099,000, missing market consensus, the Commerce Department reported Wednesday.

This is 3.8 percent below the revised December estimate of 1,143,000, but is 1.8 percent above the January 2015 rate of 1,080,000.

The seasonally adjusted Producer Price Index (PPI) for final demand advanced 0.1 percent in January, beating market estimates, the US Labor Department announced Wednesday.

On an unadjusted basis, the final demand index declined 0.2 percent for the 12 months ending in January.

Meanwhile, investors also kept a close eye on the minutes from the central bank’s January 26-27 meeting, which were expected to give more clues on the US economic outlook.

Shortly after the opening bell, the Dow Jones Industrial Average rose 97.11 points, or 0.60 percent, to 16,293.52. The S&P 500 added 14.20 points, or 0.75 percent, to 1,909.78. The Nasdaq Composite Index gained 36.42 points, or 0.82 percent, to 4,472.38.

On Tuesday, US stocks posted solid gains after markets were closed on Monday for Presidents’ Day, as a rebound across the global equity market boosted investor sentiment.

 

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here