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US stocks rise after solid Alcoa earnings

AFP

US stocks Wednesday opened higher following a solid earnings report from Alcoa and ahead of the release of minutes from the latest Federal Reserve monetary policy meeting.

Five minutes into trade, the Dow Jones Industrial Average rose 50.99 points (0.30 percent) to 16,957.61.

The broad-based S&P 500 advanced 6.59 (0.34 percent) to 1,970.30, while the tech-rich Nasdaq Composite Index increased 17.48 (0.40 percent) to 4,408.94.

Alcoa unofficially kicked off second-quarter earnings season after markets closed Tuesday with profits of $138 million, up from a loss of $119 million a year ago. The company benefited from lower costs and said aluminum demand was on track to increase seven percent in 2014.

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Alcoa shares rose 3.7 percent to $15.41.

Investors were also gearing up for the 1800 GMT release of minutes from the Fed's June policy meeting. Analysts will be looking for any sign the central bank is considering moving up its time-table for raising benchmark interest rates.