US stocks have surged in opening trade after a sharp cut to the government's estimate of growth in the first quarter sent bond yields lower for the first time in two weeks.
Five minutes into trade, the Dow Jones Industrial Average was up 135.62 (0.92 per cent) at 14,895.93.
The broad-based S&P 500 added 14.73 (0.93 per cent) at 1,602.76, while the tech-rich Nasdaq Composite Index rose 29.56 (0.88 per cent) to 3,377.45.
The Commerce Department slashed its estimate for growth in the January-March period to just 1.8 per cent, compared to the previous estimate of 2.4 per cent.
The market took that as a signal that the Federal Reserve might be less prone to reeling in its economic stimulus this year, analysts said.
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