NEW YORK (AP) — Stocks are opening higher after an encouraging report on China’s economic growth.
The Chinese economy grew at a slower but still healthy rate last quarter. China is trying to rein in its rapid expansion and ease inflation by raising interest rates. A sudden drop-off in China’s growth could cut into demand for U.S. exports there.
Federal Reserve Chairman Ben Bernanke testifies before Congress Wednesday morning. He is expected to urge lawmakers to raise the U.S. debt limit before an Aug. 2 deadline.
The Dow Jones industrial average is up 77, or 0.6 percent, at 12,524 in early trading. The Standard & Poor’s index is up 8, or 0.6 percent, at 1,321. The Nasdaq composite is up 23, or 0.8 percent, at 2,804.