US stocks open higher, adding to two-day streak

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. — Reuters pic
A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. — Reuters pic

NEW YORK, Jan 13 — Wall Street stocks rose early today following the release of mixed economic data, extending a two-day rally as markets look ahead of the heart of earnings season.

Wholesale prices for US goods and services eased somewhat in December, but still jumped 9.7 per cent for the year, the latest indication of pressure on prices.

New claims for unemployment benefits rose last week, in a potential indication of the drag from the latest Covid-19 surge.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 per cent at 36,394.58.

The broad-based S&P 500 advanced 0.2 per cent to 4,737.27, while the tech-rich Nasdaq Composite Index climbed 0.3 per cent to 15,234.56.

Among individual companies, Delta Air Lines rose 1.4 per cent as it reported a fourth-quarter loss but signalled it expects a strong spring bounceback in travel if infections from the Omicron variant decrease.

Large banks including JPMorgan Chase are set to report results tomorrow.

Markets are also awaiting congressional testimony from Lael Brainard, who has been nominated to the Federal Reserve’s vice chair post. Brainard said in prepared remarks that countering inflation is the Fed’s “most important task.” — AFP