Investing.com - U.S. stocks opened higher Friday, on a barrage of bullish economic reports and optimism that Greece will obtain a second bailout package.
Near the open of U.S. trade, the Dow added 0.30%, the S&P 500 gained 0.26% and the Nasdaq Composite eased higher by 0.09%.
Yesterday’s bullish news from the U.S. sparked the equity rally as claims for jobless benefits fell to the lowest level in four years.
In addition, U.S. housing starts climbed 1.5% beating analysts’ median estimates and Philadelphia manufacturing expanded in February, adding to the stock positive U.S. sentiment.
Meanwhile in Europe, Moody’s stated it is reviewing the credit ratings of over 100 banks and security firms that may result in credit downgrades. This news comes days after the credit rating agency slashed the ratings of six euro zone nations.
European leaders are seeking more control over how the Greek aid package will be spent as the island nation faces default over a March 20 bond payment.
Optimism for a final solution climbed as policy makers will discuss the second Greek bailout package on February 20.
In stock bullish bond auction news, Spain and France sold EUR14.2 billion in their first debt auctions since the Moody downgrade. The auctions were met with strong demand despite the downgrade but Spanish borrowing costs climbed, and France’s costs declined.
Meanwhile, the cost of living in the U.S. climbed less than expected in January, supporting the Federal Reserve’s opinion that inflation is contained.
Applied Materials added 3.6% after predicting higher profit.
HJ Heinz gained 4% as earnings at the world’s largest ketchup maker beat estimates.
Gilead Sciences gave back 14% as some patients on its hepatitis C drug relapsed after stopping therapy.
In European trade, the EURO STOXX 50 gave climbed 1.59%, France's CAC 40 added 1.63%, while Germany's DAX soared 1.58%. Meanwhile, in the U.K. the FTSE 100 traded higher by 0.57.