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US stocks open higher on upbeat data

Traders work at the New York Stock Exchange

New York, Jan 27 (UITV/IANS)- 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.