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US: Stocks open higher

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[NEW YORK] US stocks opened higher on Wednesday, shaking off two straight sessions afer a weak April retail sales report spurred expectations the Federal Reserve would delay raising interest rates.

Five minutes into trade, the Dow Jones Industrial Average had gained 55.59 points at 18,123.82.

The broad-based S&P 500 advanced 10.36 to 2,109.48, while the tech-rich Nasdaq Composite Index added 33.45 at 5,009.64.

On Tuesday, stocks pared back losses to end modestly lower as US Treasury bonds retreated slightly from a surge amid bond market volatility.

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US retail sales were virtually unchanged in April, the Commerce Department reported; most analysts had expected a 0.2 per cent increase. The disappointing report, a piece of the picture on consumer spending that accounts for two-thirds of US economic activity, was seen as putting a potential chill on the Fed's plan to raise near-zero interest rates.

On Tuesday, stocks pared back losses to end modestly lower as US Treasury bonds retreated slightly from a surge amid bond market volatility.

AFP

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