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Markets & Stocks
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Stocks jump at open
Investors cheer at better retail sales, wholesale prices, as week of uncertainty wraps up.
April 11, 2003: 9:39 AM EDT

NEW YORK (CNN/Money) - Stocks opened higher Friday as investors bought on some encouraging economic reports that renewed hope that the situation at home, once the war in Iraq is over, might not be as bad as previously thought.

The Dow Jones industrial average (up 102.17 to 8323.50, Charts), the Nasdaq composite (up 17.44 to 1383.05, Charts) and the S&P 500 index (up 10.07 to 881.65, Charts) all saw modest gains at the outset of trading.

Lifting spirits early in the session were reports on retail sales and producer prices.

The Commerce Department said retail sales rose 2.1 percent in March after a 1.7 percent drop in February. The reading was much better than the 0.6 percent expected by a group of economists polled by Reuters. Minus autos, sales rose 1.1 percent compared with an expected 0.4 percent gain. The reading fell from a revised 0.6 percent in February.

Separately, the Labor Department said wholesale prices rose 1.5 percent in March after gaining 1 percent in February. Economists surveyed by Reuters had expected a 0.4 percent rise. Without volatile food and energy costs, so-called core producer prices rose by 0.7 percent -- economists expected it to come in flat.

Investors also awaited the University of Michigan's preliminary reading on consumer sentiment in April, due at 9:45 a.m. ET. Economists surveyed by Reuters expect the index to rise to 78.1 from 77.6 in March.

On the corporate front, Dow component General Electric (GE: up $0.49 to $27.87, Research, Estimates) posted first-quarter results that were in line with economists' forecasts and said it was comfortable with profit estimates for the full year.

Meanwhile in Iraq, coalition forces continued to secure areas where pockets of resistance remain. Air strikes targeted Iraqi leader Saddam Hussein's hometown of Tikrit, which the allies consider the remaining "stronghold" of the regime.

European markets rose modestly at midday and Asian-Pacific stocks finished mostly higher overnight.

Treasury prices slipped on strength in equities. The 10-year note fell 20/32 of a point in price, its yield rising to 4.02 percent. The dollar gained against the yen and euro.

Brent oil futures for June delivery retreated 29 cents to $24.19 a barrel in London. Gold for June delivery eased $2.80 an ounce to $324.50.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.