Wall Street Opens Higher as Banks, Housing Keep Mood Buoyant; Dow up 175 Pts By Investing.com

© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened mostly higher on Friday, as robust earnings from Main Street banks and a sharp rebound in housing starts in March sustained the positive mood created by Thursday’s retail sales and jobless claims data.

By 9:45 AM ET (1345 GMT). the had pushed to a new record high of 34,213 points, up 177 points, or 0.5% from Thursday’s close. The was up 0.2% but the was down 0.2% as strong economic data again encouraged outflows into cyclical and value stocks. 

Earlier, the Census Bureau reported that rose to their highest in nearly 15 years in March, rebounding 19% from a weather-depressed February. Building permits also surprised to the upside, rising to 1.766 million, just below their January high.

Among early movers, Morgan Stanley (NYSE:) fell 1.2% after reporting a $911 million loss on trading with Archegos Capital, the family office of ex-fund manager that blew up at the start of the month. The disclosure took the gloss of a set of quarterly earnings that was in other respects as strong as the rest of Wall Street. PNC Financial (NYSE:) stock and State Street (NYSE:) stock rose 2.6% and 0.5% respectively as their quarterly updates turned out better than expected. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link