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US stocks open higher after Obama speech

US stocks headed higher in opening trade Wednesday after President Barack Obama laid out economic stimulus plans in his State of the Union address to Congress.

Five minutes into trade, the Dow Jones Industrial Average was up 2.91 points (0.02 percent) at 14,021.61.

The S&P 500, a broad measure of the markets, rose 3.63 points (0.24 percent) to 1,523.06.

Both indexes were extending five-year highs reached Tuesday.

The tech-rich Nasdaq Composite climbed 10.06 points (0.32 percent) to 3,196.55.

The positive sentiment on the market followed late Tuesday's State of the Union address by Obama, Wells Fargo Advisors said in a market note.

"President Obama's annual agenda included a minimum-wage hike, a boost in infrastructure spending and calls for reducing the budget deficit through tax increases and spending cuts," it said.