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US stocks open higher after positive US housing data

AFP

US stocks opened higher on Wednesday after a US home construction report added to evidence the housing market is poised for a modest recovery from bad winter weather.

Five minutes into trade, the Dow Jones Industrial Average was up 106.10 points (0.65 percent) at 16,368.66.

The broad-based S&P 500 rose 11.31 (0.61 percent) to 1,854.29, while the Nasdaq Composite was the strongest gainer, adding 31.77 (0.79 percent) at 4,065.93.

The buying came after Tuesday's wild ride on Wall Street, when stocks plunged broadly before bouncing back in afternoon trade to finish in the green.

A government report on new US home construction in March showed housing starts jumped 2.8 percent from February, but building permits fell 2.4 percent.

"Despite the disappointing headline, the details within the US housing starts and permits report were fairly decent, and suggest that construction will be adding to economic growth once again," said Jennifer Lee, senior economist at BMO Capital Markets.