US stocks opened higher Wednesday, with the Dow Jones Industrial Average and the broader S&P 500 shooting to record highs, ahead of major economic data due out later this week.
Shortly after the opening bell, the Dow Jones Industrial Average surged 102.40 points, or 0.66 percent, to 15,720.62 points. The S&P 500 rose 9.87 points, or 0.56 percent, to 1,772.84 points. The Nasdaq Composite Index gained 14 points, or 0.36 percent, to 3,953.86 points.
The U.S. Commerce Department will release the third-quarter gross domestic product figure Thursday, with October's nonfarm payrolls report from the Labor Department due Friday. Investors will closely watch the two sets of data for clues as to when the U.S. Federal Reserve may start tapering its bond purchases program.
Market sentiment was also boosted by dovish comments from San Francisco Fed President John Williams, who said late Tuesday the Fed should wait for stronger evidence of growth momentum before scaling back its asset purchases program.
Meanwhile, Cleveland Fed President Sandra Pianalto will give a speech Wednesday afternoon.
Investors are also keeping an eye on social media giant Twitter, which is expected to price its initial public offering Wednesday in preparation for its debut on the New York Stock Exchange on Thursday.
In corporate news, Tesla shares slumped 11.26 percent to trade at 156.90 U.S. dollars a share after the electric car maker reported third-quarter earnings late Tuesday.