U.S. stock opened at record highs on Friday on the heels of strong economic data and corporate earnings results. The Dow Jones Industrial Average lately gained 28.50 points, or 0.10%, to 29,326.14. The S&P 500 rose 5.41 points, or 0.16%, to 3,322.22. The Nasdaq Composite advanced 21.96 points, or 0.23%, to 9,379.09.
Oil futures looked to extend a recent run-up on Friday. West Texas Intermediate crude for February delivery rose 17 cents, or 0.3%, at $58.70 a barrel. March Brent advanced 25 cents, or 0.4%, at $64.87 a barrel.
China’s gross domestic product rose 6% in the fourth quarter of 2019, matching the prior quarter’s pace and matching consensus expectations. This brought full-year 2019 GDP to expand at a pace of 6.1% – a near 30-year low but in-line with the government’s target for annual growth of between 6% to 6.5%.
Groundbreakings on new U.S. homes surged in December to a 13-year high. Residential starts rose 16.9% to a 1.61 million annualized rate after an upwardly revised 1.375 million pace in the prior month, according to government figures released Friday.
Oilfield services provider Schlumberger (SLB) posted stronger than expected fourth-quarter results, with adjusted earnings per share (EPS) of 39 cents on revenue of $8.23 billion ahead of consensus estimates for adjusted EPS of 35 cents on revenue of $8.14 billion.
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