Wall Street continues record run in early trading

In this file photo, the Wall Street street sign is seen on March 23, 2020 in New York. — AFP pic
In this file photo, the Wall Street street sign is seen on March 23, 2020 in New York. — AFP pic

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NEW YORK, April 16 — US stocks were mostly higher in early trading today as the Dow and S&P 500 edged up from their record-setting session a day before, although tech shares were struggling.

A raft of strong bank earnings and solid economic data pointing to an accelerating recovery from the Covid-19 downturn continued to buoy investors, with a rebound in homebuilding in March the latest bit of good news.

After closing above 34,000 for the first time yesterday, the benchmark Dow Jones Industrial Average was up 0.4 per cent to 34,163.17 about an hour into the trading session.

The broad-based S&P 500 also moved beyond yesterday’s record, rising 0.2 per cent to 4,177.

But the tech-rich Nasdaq Composite Index started the day lower, dipping 0.2 per cent to 14,006.34.

“US stocks are looking to close out the week in the green amid another round of strong earnings and economic data, which is bolstering elevated expectations for 2021 prosperity,” analysts at Charles Schwab investment bank said.

Morgan Stanley was the latest bank to report solid profits but said it lost US$911 million (RM3.7 billion) due to the implosion of Archegos Capital Management.

Morgan Stanley shares fell 0.4 per cent.

Meanwhile, government data showed US housing starts jumped 19.4 per cent in March, recovering sharply after severe winter storms in February forced a pause in construction, which is needed to keep up with homebuyer demand.

Toll Brothers homebuilders rose 2.3 per cent, while KB Home gained 2.7 per cent. — AFP

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