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US stocks open higher after goods report
US stocks open higher after report on manufactured goods; King Entertainment slumps on debut
By STEVE ROTHWELL
Associated Press
2014-03-26 11:01 PM

NEW YORK (AP) -- The stock market opened higher Wednesday after a strong report on American manufacturing. Early gains were led by industrial companies. The maker of the hit game "Candy Crush Saga" flopped in its market debut.

KEEPING SCORE: The Standard & Poor's 500 index rose six points, or 0.4 percent, to 1,872 as of 10:00 a.m. (1400 GMT). The Dow Jones industrial average gained 44 points, or 0.3 percent, to 16,413. The Nasdaq composite rose 17 points, or 0.4 percent, to 4,250.

BEST IN MONTHS: Orders to U.S. factories for long-lasting manufactured goods rose in February by the largest amount since November, 2.2 percent. Demand for airplanes and automobiles drove the gains. Last month's rise in durable goods orders followed a 1.3 percent drop in January.

CANDY CRUSHED: King Digital Entertainment, the maker of the popular "Candy Crush Saga" game, slumped on its first day of trading. The company raised $499.5 million in an initial public offering that values the company at about $7.1 billion. The stock fell $1.89, or 9 percent, to $20.58 in early trading.

FIVE BELOW: Discount retailer Five Below shot higher after its quarterly profit and sales beat analysts' expectations. The stock jumped $5.81, or 17 percent, to $44.35 before the start of regular trading.

SLOT MACHINE WOES: International Game Technology fell 90 cents, or 5.3 percent, to $14.08 after the company lowered its annual profit forecast, saying North American gambling revenue has declined more steeply than it expected. Its international business is being hurt by weakening currencies and other problems.

TREASURYS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note edged down to 2.73 percent from 2.75 percent from late Tuesday. The price of crude oil rose 38 cents to $99.58 a barrel. Gold edged up 30 cents $1,311.70 an ounce.

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