US STOCKS-Wall St rises as euro recovers against dollar
* Empire State manufacturing data misses estimates
* Manufacturing output falls for third month
* Indexes up: Dow 0.66 pct, S&P 0.64 pct, Nasdaq 0.52 pct (Adds market open, share price update)
By Sinead Carew
March 16 (Reuters) - U.S. stocks opened higher Monday and the benchmark S&P 500 rebounded after three weeks of losses as the euro strengthened against the dollar, easing some concerns over the impact of a robust greenback on corporate earnings.
Investors have been cautious ahead of a U.S. Federal Reserve statement due on Wednesday, when they expect the central bank to give a clearer signal on the timing of its first interest rate hike in almost a decade.
The S&P 500 has fallen 2.7 percent in the last three weeks, including a 0.9 percent drop last week. The Dow lost 0.6 percent last week while the Nasdaq declined 1.1 percent.
A recovery in the euro was reassuring investors, said Nick Colas, chief market strategist at brokerage Convergex, in New York, as a rapidly rising U.S. dollar would pressure U.S. corporate earnings, especially for multinationals.
"It seems like the currency markets are helping U.S. equities this morning," Colas said. "What markets are looking for is lower volatility." Continuación...