Dow, S&P 500 open higher as market monitors Ukraine news

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Wall Street stocks mostly rose early Friday as markets digested the latest headlines on Russia's invasion of Ukraine and more US data showing rising inflation.

The Kremlin said President Vladimir Putin was ready to send a delegation to Belarus for talks with Ukraine, as Russian forces approached Kyiv on the second day of Moscow's invasion of its neighbor.

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The early gains Friday came after US equities reversed themselves Thursday and pushed higher amid sentiment that share prices had fallen too much.

"We're bouncing from deeply oversold levels," said Adam Sarhan from 50 Park Investment said Friday.

About 10 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 33,528.61, and the broad-based S&P 500 gained 0.6 percent to 4,313.56.

But the tech-rich Nasdaq Composite Index slipped 0.2 percent to 13,450.74.

Meanwhile, government data showed spending on goods and services rebounded after a drop in December, with personal consumption expenditures jumping 2.1 percent, a bigger increase than economists had forecast.

The PCE price index rose 0.6 percent compared to December, and jumped 6.1 percent in the latest 12 months -- the biggest increase since 1982.

Rising inflation has sparked a sharp shift in Federal Reserve policy which central bankers say will bring interest rate hikes starting in March.