BUSINESS US stocks open higher after upbeat session

BUSINESS

US stocks open higher after upbeat session

Xinhua

22:33, June 11, 2021

NEW YORK, June 11 (Xinhua) -- U.S. stocks rose on Friday morning, adding to the gains they had scored in the prior session.

Shortly after the opening bell, the Dow Jones Industrial Average rose 121.43 points, or 0.35 percent, to 34,587.67. The S&P 500 increased 8.35 points, or 0.20 percent, to 4,247.53. The Nasdaq Composite Index climbed 22.08 points, or 0.16 percent, to 14,042.41.

Seven of the 11 primary S&P 500 sectors advanced in morning trading, with materials up 0.9 percent, leading the gainers. Health care slipped 0.6 percent, the worst-performing group.

On Thursday, U.S. equities closed higher even after a key inflation report showed a bigger-than-expected increase in price pressures in the United States.

The headline Consumer Price Index (CPI) rose 0.6 percent in May for a 5.0-percent year-over-year gain, the U.S. Bureau of Labor Statistics reported on Thursday, above the 4.7-percent consensus.

The core CPI, which excludes food and energy, rose 0.7 percent for a 3.8 percent yearly increase, also above the market consensus.

While there's plenty of evidence that this was another month of transitory increases, the Fed's patience will be tested at its policy meeting next week, according to experts.

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