US stocks open higher on light trade – www.thebull.com.au

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By AAP | 23.05.2014 11:55 PM

US stocks have opened higher after mixed earnings reports ahead of a long holiday weekend to commemorate Memorial Day.

Five minutes into trade, the Dow Jones Industrial Average advanced 31.14 points (0.19 per cent) to 16,574.22.

The broad-based S&P 500 added 3.20 (0.17 per cent) at 1,895.69, while the tech-rich Nasdaq Composite Index rose 10.14 (0.24 per cent) to 4,164.48.

Hewlett-Packard jumped 4.6 per cent after reporting earnings that met expectations on sales that slightly underperformed.

The computer company also announced it would cut an additional 11,000-16,000 jobs on top of 34,000 previously announced.

Apparel retail chain Gap reported a 22 per cent decline in first-quarter earnings to $US260 million ($A281.31 million), but said sluggish store traffic early in the quarter picked up in the end.

Shares dropped 2.0 per cent.

Briefing.com analyst Patrick O’Hare said trading volumes were expected to be very low ahead of the long holiday weekend.

Thursday’s volumes were the second lowest of the year to date.

Taken from: 

US stocks open higher on light trade – www.thebull.com.au

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