New York– US stocks opened higher on Wednesday as market participants digested a slew of latest economic data.

Shortly after the opening bell, the Dow Jones Industrial Average climbed 83.04 points, or 0.28 per cent, to 29,315.23. The S&P 500 was up 11.61 points, or 0.34 per cent, to 3,381.90, Xinhua reported.

The Nasdaq Composite Index advanced 62.08 points, or 0.64 per cent, to 9,794.82.

Nine of the 11 primary S&P 500 sectors traded higher, with technology up 0.9 per cent shortly after the opening, outpacing the rest.

Apple shares gained about 1 per cent in morning trade, contributing to the market. The stock struggled on Tuesday after the company issued a warning over its quarterly revenue.

On the data front, US producer price index (PPI) rose 0.5 per cent in January, the US Bureau of Labor Statistics reported on Wednesday.

US housing starts dropped 3.6 per cent to a seasonally adjusted annual rate of 1.567 million units last month, the Commerce Department said.

Investors are also expecting the Federal Reserve’s January meeting minutes set to be released on Wednesday afternoon. (IANS)

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