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U.S. stocks open higher

Xinhua, October 14, 2016 Adjust font size:

U.S. stocks opened higher Friday as investors cheered over upbeat earnings reports amid economic data.

Before Friday's opening bell, Citigroup Inc. reported a net income of 3.8 billion U.S. dollars, or 1.24 dollars per share, for the third quarter of 2016, compared with 4.3 billion dollars, or 1.35 dollars per share, in the same quarter the year before.

Shares of the New York-based bank jumped about 2 percent in early trading Friday following the release of the company's better-than-expected quarterly results.

Shares of JPMorgan Chase & Co. rose over 1 percent in early trading Friday after the company delivered quarterly results that beat market expectations.

On the economic front, the Producer Price Index (PPI) for final demand rose 0.3 percent in September, seasonally adjusted, beating market consensus, the U.S. Labor Department reported Friday.

Meanwhile, the U.S. Commerce Department announced Friday that advance estimates of U.S. retail and food services sales for September increased 0.6 percent from the previous month to 459.8 billion dollars, on par with market estimates.

Shortly after the opening bell, the Dow Jones Industrial Average rose 124.02 points, or 0.69 percent, to 18,222.96. The S&P 500 added 10.57 points, or 0.50 percent, to 2,143.12. The Nasdaq Composite Index increased 29.21 points, or 0.56 percent, to 5,242.54.

On Thursday, U.S. stocks trimmed part of earlier losses to end mildly lower, as Wall Street continued to digest the Federal Reserve's minutes from its September meeting. Endi