US stocks open higher after upbeat economic data

The major US stock indices opened higher on Friday, amid continued optimism about the US economic recovery after the release of upbeat data.

The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.

Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.

The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.

Data showed that the US producer price index rose 1% in March, beating forecasts of a rise by 0.5%.

As for stocks, Dow Jones rose 0.3% or 120 points to 33,622 as of 13:38 GMT, Nasdaq fell 0.5% or 70 points to 13,761, and S&P 500 rose 0.1% or 2.5 points to 4,099.