US stocks rise on China trade numbers

Written By Unknown on Rabu, 10 April 2013 | 23.48

US stocks opened higher on Wednesday after China posted a surprising increase in its trade deficit.

Five minutes into trade, the Dow Jones Industrial Average rose 73.22 (0.50 per cent) to 14,746.68.

The broad-based S&P 500 jumped 7.40 (0.47 per cent) to 1,576.01, while the tech-rich Nasdaq Composite Index increased 16.94 (0.52 per cent) to 3,254.79.

The gains came as China posted a rare increase in its trade deficit as imports exceeded exports by $880 million. The Nikkei 225 and Hang Seng indexes moved higher.

Traders appeared to look past US Federal Reserve meeting minutes that suggested the Fed was closer to ending its stimulus measures if the jobs market continues to improve. The Fed policy meeting was held before last Friday's surprisingly weak jobs report.

Briefing.com analyst Patrick O'Hare said gains on Tuesday reflected the market's confidence at its ability to withstand negative news.

"Buyers were emboldened by the market's resilience in the face of negative headlines (e.g. Cyprus, North Korea, and nonfarm payrolls) that had the potential to incite some more concerted selling interest but didn't," O'Hare said.


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