US market extends gains, follow global shares higher

AP News
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Posted: Feb 26, 2016 9:43 AM
US market extends gains, follow global shares higher

NEW YORK (AP) — U.S. stocks opened higher and remained on track for a second straight weekly gain on encouraging economic news in the U.S. and word from China that the country won't devalue its currency to make its exports more competitive.

Markets around the world have been concerned about a rapid devaluation of the yuan, and they rose nearly everywhere Friday on hopes that China will moderate the decline.

The Commerce Department reported that U.S. gross domestic product rose more than previously estimated in the fourth quarter.

The Dow Jones industrial average rose 83 points, or 0.5 percent, to 16,780 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index rose 9 points, or 0.5 percent, to 1,961. The Nasdaq composite rose 33 points, or 0.7 percent, to 4,615.