US stocks open higher despite sluggish economy

AP News
|
Posted: Jan 29, 2016 9:45 AM
US stocks open higher despite sluggish economy

NEW YORK (AP) — U.S. stocks opened higher, despite signs of weak economic growth, on encouraging earnings news and higher energy prices.

The government said Friday that growth in the U.S. economy slowed as consumers spent less, business didn't invest as much, and exports fell.

Microsoft rose 5 percent after it reported stronger-than-expected results. Consol Energy rose sharply along with the price of natural gas.

Amazon shares fell 9 percent reporting that its costs rose more than expected.

The Dow Jones industrial average rose 125 points, or 0.7 percent, to 16,194 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index rose points, or 0.7 percent, to 1,905. The Nasdaq composite rose points, or 0.5 percent, to 4,528.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.93 percent.