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U.S. Stocks Rally in Opening Trade

By Alexandra Scaggs U.S. stocks opened broadly higher on Wednesday, as rising hopes of economic stimulus from Asia helped boost investor confidence. The Dow Jones Industrial Average rose 107 points, or 0.7%, to 16370. The S&P 500 index advanced 10 points, or 0.5%, to 1853 and the Nasdaq Composite Index climbed 26 points, or 0.6%, to 4059. On Tuesday, stocks ended a roller-coaster session broadly higher. The Dow closed up 89 points to post the best two-day point gain since March 18. The Nasdaq Composite led benchmarks higher, bolstered by strong gains in social-media and biotechnology stocks. The Nasdaq Biotechnology Index rose 0.9% in early trading. The Nasdaq has been roiled in recent sessions as investors fled social-media and biotech stocks, and even with Wednesday's early gains, the biotech index is down 3.4% for the year. Helping drive the early gains was a report showing that China's gross domestic product grew 7.4% in the first quarter, the slowest rate in 18 months, but above economists' forecasts of 7.3%. Traders said the slowing pace of growth raised investor hopes of more stimulus from the Chinese government. "The Chinese data certainly corroborates the idea that the economy is slowing, but at the same time officials have become concerned enough" that more stimulus could be a possibility, said Dan Greenhaus, chief market strategist at New York brokerage firm BTIG. And that is a positive factor for stocks globally, he said. Stock futures had pared some of their gains premarket after U.S. housing data missed forecasts. New residential construction for March rose 2.8% to a seasonally adjusted annualized rate of 946,000, falling well below forecasts of a rise of 6.4% to a seasonally adjusted annualized rate 965,000. Building permits fell 2.4% to 990,000, versus forecasts of 1.01 million. In other economic news, industrial production rose 0.7% in March, while a rise of 0.4% was forecast. Capacity utilization rose by more than expected. At 12:25 p.m., Federal Reserve Chairwoman Janet Yellen is giving a speech on monetary policy and the economic recovery at the Economic Club of New York. The Fed's "beige book" report, a read on the U.S. economy from anecdotes gathered by the central bank's 12 districts, is due in the afternoon. The yield on the 10-year Treasury note rose to 2.648% from 2.628% late Tuesday. Write to Alexandra Scaggs at alexandra.scaggs@wsj.com

Stock News for Nasdaq Stock Market (NDAQ)
DateTimeHeadline
09/05/201406:06:08China Stocks Link Offers Market-Tech Firms Opportunity
09/03/201412:35:55Tech Declines Cut Into U.S. Stock Market Gains
07/24/201409:45:55U.S. Hot Stocks: Hot Stocks to Watch
07/14/201418:41:07Correction to U.S. Stocks Story
07/14/201418:40:35U.S. Stocks End Up on Citigroup Earnings
07/03/201409:14:08Stock Futures Fall on Jobs Report
06/16/201409:22:37Stock Futures Lower on Iraq Concerns
06/11/201408:47:32U.S. Stocks Set to Open Lower
06/10/201416:36:50U.S. Stocks Edge Lower
06/06/201408:47:48Stock Futures Gain Ground Ahead Of Jobs Data
06/04/201418:00:13U.S. Stocks Edge Higher After Data
06/04/201417:32:09Stock Futures Inch Lower Ahead of Data
06/03/201408:42:14U.S. Stock Futures Edge Lower
05/30/201417:06:37Stock Futures Edge Lower Ahead of Data
05/29/201411:29:06U.S. Stocks Maintain Gains
05/20/201408:50:07Stock Futures Steady After Two Sessions of Gains
05/16/201409:15:38Stock Futures Pare Losses After Housing Data
05/15/201407:30:03NASDAQ OMX Launches Currency Trade Monitoring Tool
05/13/201409:18:16Stock Futures Pare Gains After Retail-Sales Data
05/12/201414:56:28Correction to Dow/S&P Market Stories

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