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U.S. stocks open higher amid economic data

Xinhua, September 28, 2016 Adjust font size:

U.S. stocks opened higher Wednesday as Wall Street meditated on a better-than-expected economic report.

U.S. new orders for manufactured durable goods in August decreased 0.1 billion U.S. dollars and was virtually unchanged at 226.9 billion dollars, the Commerce Department said. Analysts had expected a 1.9 percent decline.

This decrease in new orders, which is down three of the last four months, followed a 3.6 percent July increase.

Investors kept a close eye on Federal Reserve Chair Janet Yellen, who will speak before the Committee on Financial Services about banking supervision and regulation later Wednesday morning.

Oil prices were also in focus, which traded about 1 percent higher following the previous day's sharp decline, as traders digested a surprise drawdown in U.S. crude stockpiles.

Shortly after the opening bell, the Dow Jones Industrial Average rose 52.67 points, or 0.29 percent, to 18,280.97. The S&P 500 added 4.09 points, or 0.19 percent, to 2,164.02. The Nasdaq Composite Index was up 6.80 points, or 0.13 percent, to 5,312.51.

On Tuesday, U.S. stocks posted sizable gains following the first presidential debate between Hillary Clinton and Donald Trump. Endi