Wall Street stocks open higher, extending streak
US stocks climbed early on Wednesday, extending a three-day rally as markets awaited the trading debut of Birkenstock and shrugged off data showing a rise in wholesale prices. The producer price index jumped by 0.5 percent last month, topping expectations ahead of Thursday's much-anticipated consumer price index report. Still, the yield on the 10-year US Treasury note continued its retreat, mitigating worries for now about higher interest rates. Some Federal Reserve officials have suggested the central bank could hold rates steady at its next meeting, and the Fed will release minutes from its September gathering later on Wednesday. About 25 minutes into trading, the Dow Jones was up 0.2 percent at 33,804. The S&P 500 also gained 0.2 percent to 4,368, while the Nasdaq advanced 0.5 percent to 13,628. The gains came as ExxonMobil announced a megadeal, acquiring Pioneer Natural Resources for about US$60 billion in a big bet on shale energy. Markets also continue to monitor developments in the Middle East, with Israel pounding Hamas targets in Gaza. Despite the rising violence, "what stands out mostly to the market at this juncture is that Israel and Iran are not in an armed conflict," said Briefing.com analyst Patrick O'Hare. "That would be a worst-case scenario, so it remains a relief to know that this worst-case scenario remains dormant," he said. Meanwhile, German sandals maker Birkenstock is set to make its debut on the New York Stock Exchange on Wednesday with a valuation of US$8.6 billion. (AFP)