Stocks Opened Higher after Upbeat China Data

U.S. stocks opened higher on Wednesday, joining a global equity rally fueled by upbeat Chinese export figures, as investors shrugged off data showing retail sales in March dropped unexpectedly while wholesale prices ticked lower. The Dow Jones Industrial Average lately rose +126.21 points, or 0.71%, to 17,847.46. The S&P 500 gained 13.06 points, or 0.63%, to 2,074.78. The Nasdaq Composite added 50.66 points, or 1.04%, to 4,922.75.

Chinese exports expanded in March for the first time in nine months, mildly buoying an economy that is struggling to regain momentum. Exports rose 11.5% in March year-over-year in dollar terms, the General Administration of Customs reported Wednesday.

U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter.The Commerce Department said retail sales declined 0.3 percent last month.

Other data on Wednesday showed a surprise drop in producer prices last month as rising energy prices were offset by a decline in the cost of services. The Labor Department said its producer price index slipped 0.1 percent last month after dropping 0.2 percent in February.

J.P. Morgan Chase & Co. (JPM) had a tough time with the stock market during the first quarter, although the market provided exactly what traders tend to ask for–volume and movement. The bank said equity markets revenue declined 5%, although total composite volume was the highest quarterly average in 4 1/2 years, according to the WSJ Data Group.

Verizon Communications Inc’s wireline employees walked off the job on Wednesday in one of the largest U.S. strikes in recent years after contract talks reached an impasse. The strike was called by the Communications Workers of America and the International Brotherhood of Electrical Workers – unions that jointly represent nearly 40,000 employees in Verizon’s wireline operations.