US: Stocks open higher as dollar stays strong

[NEW YORK] US stocks opened higher on Wednesday, rallying somewhat after deep losses in the prior session on worries about the rising dollar.

Five minutes into trade, the Dow Jones Industrial Average was at 17,690.23, up 27.29 points (0.15 per cent), while the broad-based S&P 500 added 3.55 (0.17 per cent) at 2,047.71.

The tech-rich Nasdaq Composite Index edged up 3.09 (0.06 per cent) to 4,862.88. All three indices fell sharply Tuesday on concerns that a move by the US Federal Reserve to lift interest rates would further boost the dollar and harm US exports.

The euro lingered near a 12-year low against the dollar. European Central Bank President Mario Draghi told a Frankfurt conference the bank's stimulus program begun this week would boost growth and lift inflation nearer to the targeted level.

AFP