US stocks add to records on good earnings, housing data

New York

Wall Street stocks rose early Wednesday, adding to the prior day’s records, following strong US housing data and mostly solid corporate earnings. The gains were a continuation of the US market’s positive bent Tuesday, when the S&P 500 and Nasdaq finished at records following strong earnings from Netflix. US housing starts and building permits both notched strong gains in June, a sign homebuilders may finally be responding to soaring demand, according to government data. Home construction started last month jumped 8.3 percent, well above analyst expectations for a 3.3 percent increase.
Meanwhile, Morgan Stanley reported especially strong earnings, which rose 2.6 percent after reporting an 11.4 percent rise in second-quarter profits to $1.6 billion. About 35 minutes into trading, the Dow Jones Industrial Average was at 21,600.33, up 0.1 percent.—AFP

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