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U.S. stocks open higher, UoM report ahead; Dow Jones up 0.21%

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Investing.com -

Investing.com - U.S. stocks opened higher on Friday, as upbeat U.S. industrial production data sparked optimism over the strength of the economy despite a disappointing manufacturing report released earlier in the day and as markets eyed upcoming data on U.S. consumer sentiment.

During early U.S. trade, the Dow 30 rose 0.21%, the S&P 500 gained 0.31%, while the NASDAQ Composite climbed 0.56%.

Official data showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, after an increase of 0.4% in June whose figure was revised from a previously estimated 0.2% rise.

Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.7 this month, from a reading of 25.6 in July, confounding expectations for a decline to 20.0.

Coca-Cola (NYSE:CCE) jumped 1.94% after the world's largest beverage company agreed to swap some brands and buy a 17% stake in Monster Beverage (NASDAQ:MNST) for about $2.15 billion.

Boosted by the news, shares in Monster Beverage skyrocketed 26.78% at the open of the U.S. trading session.

Berkshire Hathaway (NYSE:BRKa) was also on the upside and added 0.25% after reporting a stake in Charter Communications (NASDAQ:CHTR) and reducing its holding in DIRECTV (NASDAQ:DTV), in a move to reallocate the company's bets on pay-TV companies.

The news sent Charter Communications up 1.96%, while DirecTV slipped 0.18%.

In earnings news, Applied Materials (NASDAQ:AMAT) surged 5.15% after the maker of semiconductor-manufacturing equipment said that fiscal fourth-quarter sales may exceed analysts' estimates.

Meanwhile, shares in Nordstrom (NYSE:JWN) plummeted 4% as the luxury department-store chain missed same-store sales estimates in the last quarter.

Elsewhere, Seaworld Entertainment (NYSE:SEAS) rallied 1.44% after saying it plans to build new habitats for its killer whales. The news came after 2013 documentary "Blackfish," which focused on the death of a trainer sparked heavy controversy last week and sent the company's stock down more than 30%.

Across the Atlantic, European stock markets were sharply higher. The DJ Euro Stoxx 50 jumped 1.02%, France's CAC 40 rallied 1.01%, Germany's DAX advanced 0.92%, while Britain's FTSE 100 climbed 0.74%.

During the Asian trading session, Hong Kong's Hang Seng gained 0.62%, while Japan's Nikkei 225 inched up 0.02%.

Also Friday, data showed that U.S. producer price inflation rose 0.1% last month, in line with expectations, after a 0.4% increase in June.

Core producer price inflation, which excludes food, energy and trade, rose 0.2% in July, in line with market projections, and after a 0.2% gain the previous month.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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