Stocks Rose Before Home Sales Data

U.S. stocks rose in the early trading on Friday, as traders waited for a fresh reading on existing-home sales. The Dow Jones Industrial Average lately rose 26.46 points, or 0.16%, to 16,159.69. The S&P 500 was up 3.05 point, or 0.17%, to 1,842.83. The Nasdaq Composite added 13.25 points, or 0.31%, to 4,280.80.

Hewlett-Packard (HPQ)-HP reported fiscal first quarter profit of 90 cents per share , six cents above estimates. Revenue also came in above consensus, and the company also raised the lower end of its full year guidance.

President Barack Obama will propose an election-year budget that would drop reductions he had previously embraced in federal benefits, officials disclosed Thursday. He also will ask Congress to approve about $56 billion in new or expanded programs, stepping back from aggressive efforts to tackle long-term government deficits and debt.

Google Inc. (GOOG) is working on an app that can automatically log users into local WiFi hotspots, such as those at Starbucks Corp. (SBUX) coffee shops, according to a report late Thursday on Engadget.com.

Fannie Mae (FNMA) will pay the Treasury Department $7.2 billion after reporting an eighth consecutive quarterly profit, pushing its total dividend payments above the amount of government aid it received after the financial crisis.