Stocks Opened Higher; US Auto Sales Rose

U.S. stocks opened higher on Friday, as Auto makers reported healthy sales growth in the U.S. during April. The Dow Jones Industrial Average lately jumped 115.51 points, or 0.65%, to 17,956.03. The S&P 500 was up 12.00 points, or 0.58%, to 2,097.51. The Nasdaq Composite gained 34.34 points, or 0.69%, to 4,975.77.

Auto makers reported healthy sales growth in the U.S. during April, as demand for trucks remained strong throughout what is typically a slow month. General Motors Co., Nissan Motor Co. and Fiat Chrysler Automobiles NV each logged sales growth of about 6% in April, while Ford Motor Co. reported a 5.4% increase.

Oil and natural gas producer Chevron Corp (CVX.N) reported a better-than-expected quarterly profit on Friday as cost cuts and strong refining margins helped offset the impact of lower oil prices. It reported net income of $2.57 billion, or $1.37 per share, compared to $4.51 billion, or $2.36 a share, a year earlier.

Tesla chief executive Elon Musk has launched an ambitious move into the energy storage market, placing high hopes for both his company and the environment in a 4ft-tall domestic battery that can be mounted on a garage wall.

British manufacturing activity showed signs of weakness in April as a key indicator for the sector slid to a seven-month low. The Purchasing Managers’ Index released Friday, based on a survey of 600 industrial companies, fell to 51.9 from 54.0 in March. A reading above 50 means the sector continues to expand.

An official gauge of China’s manufacturing sector held steady in expansionary territory in April, official data showed Friday. China’s official manufacturing Purchasing Managers Index stood at 50.1 in April, unchanged from March.

Activity in the Canada’s manufacturing sector shrank in April for the third month in a row as the new orders measure fell to its lowest level on record amid weaker demand in the energy sector, data showed on Friday.The RBC Canadian Manufacturing Purchasing Managers’ index (PMI), a measure of manufacturing business conditions, was nearly unchanged at a seasonally adjusted 49.0 last month from 48.9 in March.