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

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© 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. 

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