US stocks open higher following Europe, Asia gains

US stocks opened higher Thursday, chasing solid gains in markets in Asia and Europe, helped by an expected strong upward revision in the US economic growth estimate for the third quarter.

Thirty minutes into trade, the Dow Jones Industrial Average climbed 69.34 points (0.53 percent) to 13,054.45.

The S&P 500 gained 9.07 (0.64 percent) at 1,419.00, while the Nasdaq Composite added 24.00 (0.80 percent) at 3,015.78.

The Commerce Department raised its estimate for third-quarter growth as expected, to 2.7 percent from 2.0 percent, but the details on consumer spending in the period pointed to a slower fourth quarter.

"The prevailing message is that the economy is growing, but at a rate that is below potential and which is making it difficult to put a major dent in the unemployment rate," said Patrick O'Hare of Briefing.com.

Some analysts said share prices were buoyed by perceived progress in Washington negotiations on a deficit plan to avoid the fiscal cliff.

But O'Hare said there was no concrete sign of movement. "Hopeful words right now are speaking louder than inaction on the fiscal cliff."

Poor data from retailers echoed the read on consumer spending in the GDP numbers.

Shares of department store Kohl's sank 9.0 percent after it reported a 5.6 percent fall in same-store sales in November. Analysts had expected a rise.

Kohl's competitor Macy's lost 1.6 percent as it reported a 0.7 percent fall in November sales, though it put much of the blame on the impact of Hurricane Sandy, which shut down much of the New York area economy in the first week of the month.

Jeweler Tiffany lost 7.5 percent as it missed quarterly earnings expectations -- net earnings fell 30 percent -- and cut its forecast for the rest of the year.

On the Nasdaq, volatile BlackBerry maker Research In Motion surged 7.2 percent helped by an upgrade from Goldman Sachs.

Bond prices slipped. The 10-year US Treasury yield rose to 1.63 percent from 1.62 percent Wednesday, and the 30-year moved to 2.80 percent from 2.78 percent.

Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526-0.0001-0.01%
    USDSGD=X
    1.7302-0.0002-0.01%
    EURSGD=X
    2.1033-0.0002-0.01%
    GBPSGD=X
    81.7693+0.00190.00%
    SGDJPY=X
    6.1905+0.0004+0.01%
    SGDHKD=X
    2.5850+0.0002+0.01%
    SGDMYR=X
    9,116.9668-3.3359-0.04%
    SGDIDR=X
    4.9692-0.004-0.08%
    SGDCNY=X
    1.1684-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,295.80-7.90-0.61%
    GCQ14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI