Stocks Opened at Record Highs after Upbeat Data

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.