Investing.com - U.S. stocks opened higher on Wednesday, following the release of better-than-expected U.S. retail sales data, although investors remained cautious ahead of the minutes of the Federal Reserve's October meeting, due later in the day.
During early U.S. trade, the Dow Jones Industrial Average inched up 0.02%, the S&P 500 index added 0.11%, while the Nasdaq Composite index rose 0.20%.
The Commerce Department said retail sales rose 0.4% in October, beating expectations for a 0.1% increase. Core retail sales were up 0.2%, above expectations for a 0.1% rise.
A separate report showed that U.S. consumer prices fell for the first time in six months in October, declining 0.1%.
The data came a day after Fed Chairman Ben Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
JPMorgan Chase shares rose 0.32% after the bank on Tuesday reached a record USD13 billion settlement with federal and state authorities to resolve claims over its sales of mortgage-backed securities during the housing crisis.
Other U.S. lenders were also on the upside, as Bank of America added 0.13% and Goldman Sachs gained 0.37%. Citigroup underperformed however, sliding 0.32%.
Yahoo was also in focus, up 2.92%, as the U.S. Internet portal boosted its stock-buyback plan by USD5 billion, returning more cash to shareholders in a bid to revive the company's growth.
In the tech sector, Microsoft climbed 0.74% as Nokia Oyj investors were said to have cleared the sale of its mobile-phone unit to the U.S. company in a USD7.4 billion deal.
Apple shares inched up 0.03%, after a U.S. appeals court said the company can pursue a ban on sales of some Samsung Electronics Co. products found to infringe its patents on smartphone features.
Among earnings, J.C. Penney reported an adjusted loss of USD1.81 per share, compared to expectations for an adjusted loss of USD1.77 per share. But positive comments on the company's turnaround sent shares surging 7.12%
Lowe's plummeted 3.47% after the home-improvement retailer posted third-quarter profit below market estimates.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.26%, France’s CAC 40 shed 0.29%, Germany's DAX edged down 0.08%, while Britain's FTSE 100 fell 0.20%.
During the Asian trading session, Hong Kong's Hang Seng Index added 0.18%, while Japan’s Nikkei 225 Index shed 0.33%.
During early U.S. trade, the Dow Jones Industrial Average inched up 0.02%, the S&P 500 index added 0.11%, while the Nasdaq Composite index rose 0.20%.
The Commerce Department said retail sales rose 0.4% in October, beating expectations for a 0.1% increase. Core retail sales were up 0.2%, above expectations for a 0.1% rise.
A separate report showed that U.S. consumer prices fell for the first time in six months in October, declining 0.1%.
The data came a day after Fed Chairman Ben Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.
Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.
JPMorgan Chase shares rose 0.32% after the bank on Tuesday reached a record USD13 billion settlement with federal and state authorities to resolve claims over its sales of mortgage-backed securities during the housing crisis.
Other U.S. lenders were also on the upside, as Bank of America added 0.13% and Goldman Sachs gained 0.37%. Citigroup underperformed however, sliding 0.32%.
Yahoo was also in focus, up 2.92%, as the U.S. Internet portal boosted its stock-buyback plan by USD5 billion, returning more cash to shareholders in a bid to revive the company's growth.
In the tech sector, Microsoft climbed 0.74% as Nokia Oyj investors were said to have cleared the sale of its mobile-phone unit to the U.S. company in a USD7.4 billion deal.
Apple shares inched up 0.03%, after a U.S. appeals court said the company can pursue a ban on sales of some Samsung Electronics Co. products found to infringe its patents on smartphone features.
Among earnings, J.C. Penney reported an adjusted loss of USD1.81 per share, compared to expectations for an adjusted loss of USD1.77 per share. But positive comments on the company's turnaround sent shares surging 7.12%
Lowe's plummeted 3.47% after the home-improvement retailer posted third-quarter profit below market estimates.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.26%, France’s CAC 40 shed 0.29%, Germany's DAX edged down 0.08%, while Britain's FTSE 100 fell 0.20%.
During the Asian trading session, Hong Kong's Hang Seng Index added 0.18%, while Japan’s Nikkei 225 Index shed 0.33%.