BUSINESS US stocks open higher

BUSINESS

US stocks open higher

Xinhua

23:57, February 22, 2019

NEW YORK, Feb. 22 (Xinhua) -- US stocks opened higher on Friday.

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Feb. 15, 2019, trader Jonathan Corpina works on the floor of the New York Stock Exchange. (File photo: AP)

Shortly after the opening bell, the Dow Jones Industrial Average increased 91.04 points, or 0.35 percent, to 25,941.67. The S&P 500 added 6.59 points, or 0.24 percent, to 2,781.47. The Nasdaq Composite Index gained 20.53 points, or 0.28 percent, to 7,480.24.

Meanwhile, investors continued to digest the latest economic data.

US existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units in January, the lowest level in more than three years, said the National Association of Realtors on Thursday. The drop in January came after months of weakness in the US housing market.

The number of Americans filing applications for unemployment benefits fell last week, but the four-week moving average rose to a more than one-year high, pointing to a slowing labor market.

The four-week moving average was 235,750, an increase of 4,000 from the previous week's unrevised average of 231,750. This is the highest level for this average since Jan. 20, 2018, when it was 237,500.


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