US stocks open higher, shrug off weak retail sales data

New York - US stocks opened higher on Wednesday, shaking off two straight sessions after a weak April retail sales report spurred expectations the Federal Reserve would delay raising interest rates.

Five minutes into trade, the Dow Jones Industrial Average had gained 55.59 points (0.31%) at 18 123.82.

The broad-based S&P 500 advanced 10.36 (0.49%) to 2 109.48, while the tech-rich Nasdaq Composite Index added 33.45 (0.67%) at 5 009.64.

On Tuesday, stocks pared back losses to end modestly lower as US Treasury bonds retreated slightly from a surge amid bond market volatility.

US retail sales were virtually unchanged in April, the Commerce Department reported; most analysts had expected a 0.2%increase.

The disappointing report, a piece of the picture on consumer spending that accounts for two-thirds of US economic activity, was seen as putting a potential chill on the Fed's plan to raise near-zero interest rates.

On Tuesday, stocks pared back losses to end modestly lower as US Treasury bonds retreated slightly from a surge amid bond market volatility.