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U.S. stocks open higher on upbeat data

Xinhua, June 3, 2015 Adjust font size:

U.S. stocks opened higher on Wednesday as investor sentiment was boosted by better-than-expected economic data.

U.S. international trade deficit in goods and services decreased from 50.6 billion U.S. dollars in March to 40.9 billion dollars in April, well above market expectations, as exports increased and imports decreased, said the Department of Commerce Wednesday.

Meanwhile, private sector employment increased by 201,000 jobs from April to May, slightly above estimates, according to the May ADP National Employment Report released on Wednesday.

Overseas, the Organization for Economic Cooperation and Development (OECD) on Wednesday predicted lower global growth this year on weak investment which may taint a sustainable growth outlook.

The Economic Outlook report projected the world economy would grow by 3.1 percent this year and by 3.8 percent in 2016, down from an initial forecast of 3.6 percent and 3.9 percent respectively due to "unexpected weakness seen in the first quarter of 2015".

Greece remains in focus ahead of the looming June 5 deadline for the repayment of the next loan installment to the International Monetary Fund.

U.S. stocks closed modestly lower after wavering between gains and losses on Tuesday, as Wall Street pondered over impacts of Greek debt crisis.

Shortly after the opening bell, the Dow Jones Industrial Average rose 20.59 points, or 0.11 percent, to 18,032.53. The S&P 500 added 4.78 points, or 0.23 percent, to 2,114.38. The Nasdaq Composite Index was up 18.61 points, or 0.37 percent, to 5,095.13. Endi