Stocks inch forward at open
U.S. markets, trying for second straight week of gains, see signs of hope that the economy may be turning around.
NEW YORK (CNNMoney.com) -- Wall Street opened higher Friday as it gunned to complete a second straight week of gains.
Shortly after the opening bell, the Dow Jones industrial average, S&P 500 and Nasdaq indexes were slightly higher.
On Thursday, stocks retreated as commodity prices rose and some economic reports showed continuing signs of gloom. Nevertheless, the markets are in position for a second straight week of advances; going into Friday, the Dow was up about 177 points, the S&P was 25-1/2 points higher and the Nasdaq had a 52-point gain.
"I don't think that's an impossible dream," said Art Hogan, chief market strategist at Jefferies & Co. "I think that finishing two weeks in a row in positive territory would be a pleasant change."
But Hogan said that many investors will be tempted to sell off stocks to cash in their gains at the end of this week, and that's the biggest potential threat to ending Friday on a positive note.
Anthony Conroy, head trader at BNY ConvergEx Group, said the market is looking for signs of a turnaround, given the recent uplift in the housing market.
He said the Federal Reserve's decision to purchase Treasurys, which could push mortgage rates down to 4.5%, and the recent report that the annual rate of housing starts surged 22% last month, have given hope to investors.
"I think we're starting to see some type of bottoming in housing, and that's what everybody's been waiting for," said Conroy. "That turn in housing is extremely important."
Economy: On Friday morning, the government will release its mass layoffs report for February. In January, there were 2,227 mass layoff actions of 50 or more workers that resulted in the loss of 237,902 jobs.
At noon ET in Phoenix, Federal Reserve Chairman Ben Bernanke is scheduled to speak about the financial crisis to the Independent Community Bankers of America's national convention.
Global markets: Asian markets ended lower, with Hong Kong's Hang Seng index down 2.4%; Tokyo was closed for the first-day-of-spring holiday. European indexes were higher in midday trading.
Oil fell 62 cents to $50.99 a barrel, after a rally Thursday in a market that shows signs of having hit bottom. The dollar gained versus the euro, the yen and the British pound.