Aust stocks edge higher at open

Local market lifts in early trade as Yellen comments boost Wall Street.

The Australian stockmarket edged higher at the open following a Wall Street rally as investors responded to encouraging results from several retailers and analysed comments from Federal Reserve Chair Janet Yellen.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index lifted 0.27% to 5,426.1 points, while the broader All Ordinaries index added 0.26% to 5,435 points.

Ms Yellen, told the US Senate Banking Committee that some recent economic data suggested sluggish growth in consumer spending and employment. She said the Fed would be watching to see if the slowdown proves to be a temporary blip caused by severe winter weather.