Nasdaq hits fresh record high on upbeat data

The main US stock indices opened higher on Wednesday, after the release of upbeat data, which lifted Nasdaq to a new record high, while the market focused on the latest developments in the coronavirus spread.

The Federal Reserve will reveal later today the minutes of its last meeting, which was held by the end of January and witnessed the Fed decision to keep interest rates unchanged.

Investors are anticipating insight on the Fed's assessment of the coronavirus impact on both the US and global economy.

Data showed today that the US PPI reading for January rose by 0.5%, the highest monthly rise since October 2018, and building permits rose to the highest since 2007.

As for stocks, Dow Jones rose 0.2% or 70 points to 29,300 at 15:15 GMT, Nasdaq jumped 0.7% or 70 points to 9,804, and S&P 500 rose 0.4% or 14 points to 3,384.