US stocks open higher on upbeat data

Updated: Jan 27, 2018, 12:24 IST | IANS

US stocks opened higher on Friday as economic data came out overall positive

Representation pic
Representation pic

US stocks opened higher on Friday as economic data came out overall positive. Shortly after the opening bell, the Dow Jones Industrial Average added 48.47 points, or 0.18 per cent, to 26,441.26, reports Xinhua. The S&P 500 increased 7.61 points, or 0.27 per cent, to 2,846.86. The Nasdaq Composite Index was up 25.66 points, or 0.35 per cent, to 7,436.83.

The economy expanded at an annual rate of 2.6 per cent in the fourth quarter of 2017, slightly lower than economists' expectations, according to a preliminary estimate of the US gross domestic product by the Commerce Department on Friday. The data showed increasing imports due to strong consumer spending, which indicated a healthy activity of the economy.

The Commerce Department also reported Friday that orders for long-lasting manufactured goods rose 2.9 per cent in December, the fastest pace since June 2017, beating market expectations. Wall Street continued to monitor the latest corporate earnings reports.

Of the S&P 500 companies that have reported as of Friday morning, 77 per cent reported better-than-expected earnings while 79 per cent surpassed sales estimates, according to US financial information company FactSet.

Catch up on all the latest Mumbai, National and International news here

Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go

Trending Video

Sign up for all the latest news, top galleries and trending videos from Mid-day.com

Subscribe
Loading...

Mumbai's most iconic locations for photography on World Photography Day

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK