US stocks rise in early trading; Citi jumps

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Associated Press

Posted on December 5, 2012 at 9:00 AM

Updated Wednesday, Dec 5 at 9:02 AM

NEW YORK (AP) — Stocks are opening mostly higher on Wall Street as traders hope for more economic stimulus measures from China.

Citigroup rose 4 percent after the bank said it would slash 11,000 jobs.

Shortly after the opening bell Wednesday, the Dow Jones industrial average was up 52 points at 13,003.

The Standard & Poor's 500 index was up three points at 1,410. The Nasdaq composite slipped three points to 2,993.

Internet radio company Pandora Media predicted a loss in the fourth quarter, a bad surprise for investors. The stock plunged 14 percent.

The Shanghai Composite Index jumped 2.9 percent after the Chinese government pledged to maintain policies intended to strengthen the economy. China also said it was willing to "fine tune" those policies and make them more effective.

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