US stocks open higher

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IOL wall street THE PHOTO HOLIC File image

US stocks opened higher Friday aiming to break a six-day losing streak, with JPMorgan Chase surging 3.6 percent after reporting a $4.4 billion loss on its mismanaged London derivatives trading operation.

Five minutes after the opening bell, the Dow Jones Industrial Average was up 48.74 points (0.39 percent) to 12,622.01.

The S&P 500-stock index added 5.69 (0.43 percent) to 1,340.45, while the tech-rich Nasdaq gained 11.44 (0.40 percent) to 2,877.63.

Stocks got a boost from expectations that Beijing will take more action to stimulate its economy after reporting growth had slowed to 7.6 percent in the second quarter, below expectations.

“Markets around the world are higher today on hopes China will implement a new stimulus program following its latest GDP miss,” said

JPMorgan opened higher as the company's reported loss on its disastrous dividends hedging operation in April proved less costly than some estimates.

The company announced second-quarter profit slid to $5 billion, still a bumper profit but a drop of nine percent compared to the same period last year. - Sapa-AFP

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