10 Jun 2009, 1942 hrs IST, AFP
NEW YORK: Wall Street opened higher Wednesday after upbeat comments from key retailer Home Depot and strong demand for commodities bolstered confidence that the economy is poised to rebound from its slump. In early action, the Dow Jones Industrial Average climbed 71.26 points (0.81 per cent) to 8,834.32 after a mixed session a day earlier. The Nasdaq composite added 12.47 points (0.67 per cent) to 1,872.60 while the Standard & Poor's 500 broad-market index rose 7.34 points (0.78 per cent) to 949.77. Analysts said Wall Street took a cue from overseas markets, after upbeat comments about the Chinese economy that fueled gained in commodities. In the US, key home improvement retailer Home Depot's increased guidance boosted hopes that housing and the overall economy were improving. Stocks are nicely higher in morning action, buoyed by solid advances in the overseas markets and following updated guidance from Home Depot -- the Dow member and world's largest home improvement retailer," said analysts at Charles Schwab & Co. in a note to clients. "Commodity-related stocks are leading the charge, led by energy issues amid the continued strength in curde oil prices. " "Adding to the positive atmosphere were two reports from Chinese papers, which predicted that the country's industrial production and retail sales reports should come in better than expected later in the week," said Joseph Hargett at Schaeffer's Investment Research.