Stocks Opened Higher after Productivity Data

U.S. stocks opened higher on Friday, after the report showed that US productivity in second quarter rose more than expected. The Dow Jones Industrial Average lately gained 10.95 points, or 0.07%, to 16,379.22. The S&P 500 was up 1.50 points, or 0.08%, to 1,911.07. The Nasdaq Composite added 0.13 point, to 4,335.10.

U.S. nonfarm productivity rebounded more strongly than expected in the second quarter. The Labor Department said on Friday productivity increased at a 2.5 percent annual rate after contracting at a revised 4.5 percent pace in the first quarter, which was the fastest decline since the fourth quarter of 1981.

McDonald’s Corp. (MCD) said sales at stores open at least 13 months fell 2.5 percent in July as the U.S. slumped for the third straight month and a food scare in Asia hurt results.

China posted its biggest-ever monthly trade surplus in July. The General Customs Administration said exports rose 15% on the year, double what was forecast by a Reuters survey.

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