Wall Street edges higher at open on 2011 optimism
NEW YORK: U.S. stocks opened modestly higher on Wednesday, indicating stocks were on track to extend a December rally as investors remained bullish about the prospects of a global economic rebound in 2011.
The Dow Jones industrial average was up 12.71 points, or 0.11 per cent, at 11,588.25. The Standard & Poor’s 500 Index added 1.36 points, or 0.11 per cent, at 1,259.87. The Nasdaq Composite Index gained 4.31 points, or 0.16 percent, at 2,667.19.
“The odds-on bet is that there will be more ‘drifting’ in the major averages during the day before things finally settle with a small gain,” said Patrick O’Hare of Briefing.com pointing to past form.
Traders will be watching a US bond auction later in the day, which comes after a similar event on Tuesday saw week demand for five-year Treasuries, pushing the bond market lower.
Source: Economic times
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