Stocks Opened Higher amid Earnings

U.S. stocks opened higher on Wednesday after earnings reports from companies such as Bank of America Corp. and Yahoo, Inc. YHOO. The Dow Jones Industrial Average lately rose 79.93 points, or 0.49%, to 16,342.49. The S&P 500 added 6.35 points, or 0.34%, higher at 1,849.33. The Nasdaq Composite was up 10.74 points, or 0.27%, at 4,044.90.

Bank of America Corp posted a first-quarter loss on Wednesday as it set aside an extra $6 billion to cover litigation expenses. The bank reported a net loss attributable to shareholders of$514 million, or 5 cents per share, for the first-quarter ended March 31 compared with a profit of $1.11 billion, or 10 cents per share, a year earlier.

Yahoo earned $312 million, or 29 cents per share, during the first three months of this year. That compares with $390 million, or 35 cents per share, at the same time last year.

Industrial production grew more than forecast in March, and February’s data was revised higher to show the biggest monthly advance since May 2010, according to data released by the Federal Reserve on Wednesday. Industrial production grew 0.7% and February’s gain was revised to 1.2% from an initially reported 0.7%.

U.S. housing starts rose but below market expectations and building permits fell in March, pointing to underlying weakness in the housing market that could persist despite improving weather. The Commerce Department said on Wednesday groundbreaking increased 2.8 percent to a seasonally adjusted annual rate of 946,000.

A flurry of recent housing data suggests that the market’s spring selling season is getting off to a slow start, a worrisome sign after a
winter of expectations that warmer weather would rekindle growth. Reports from local real-estate agent groups in some of the markets that were the first to rebound, including Las Vegas, Phoenix and San Diego, show year-over-year declines in March home sales. February data for pending home sales nationally show a decline of 11% from a year ago.

General Motors Co said it would ask a U.S. bankruptcy court to bar plaintiffs from proceeding with lawsuits against the automaker for
claims related to any actions before it filed for bankruptcy in 2009.