Stocks open higher on Wall Street, Amazon surges

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NEW YORK (AP) -- Stocks are opening higher on Wall Street, following gains in Europe.

The Dow Jones industrial average was up 20 points at 13,224 shortly after the opening bell. The Standard & Poor's 500 edged up two points to 1,401. The Nasdaq composite rose three points to 3,053.

Amazon stock surged 16 percent after the online retailer reported a big gain in shipments.

Procter & Gamble fell 3 percent after the consumer products giant reported a 16 percent profit slump for the first three months of the year on higher costs for raw materials and restructuring charges.

In Europe, gains were subdued after S&P downgraded Spain's debt for the second time this year. Spain also reported another increase in its unemployment rate. Germany's DAX rose 1 percent, France's CAC-40 1.3 percent.