Stocks open higher after data, Fed move

By Msnbc.com staff and wire

Wall Street?opened modestly higher Thursday after positive data on jobless claims and durable goods orders?and after the Fed's announcement that it would likely keep rates at historic lows until at least 2014.

The Fed's statement boosted stocks and commodities globally. The FTSEurofirst 300 index of leading European shares rose nearly 1 percent, crude oil futures gained and copper advanced for a second day.

"The Fed is trying to get everybody into risk assets. They are trying to push assets higher to reestablish the wealth effect and offset the wealth decline that is taking place in housing," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

New claims for unemployment benefits rose slightly in the latest week, but remained at levels that point to a slowly improving labor market.

New orders for U.S. manufactured goods rose more than expected in December on strong demand for aircraft, while a rebound in a gauge of business spending plans suggested investment closed the year on the upswing.

The Fed's move comes at a busy period during U.S. earnings season. So far 57 percent of companies have beat analysts' forecasts compared to 70 percent in past quarters at a comparable stage in the earnings season.?

Greece was still a wildcard for markets as its leaders resumed tortuous negotiations on a debt swap with private creditors in Athens on Thursday. All eyes on the European Central Bank after International Monetary Fund chief Christine Lagarde said public-sector holders of Greek debt may also need to take losses.

The S&P 500 is up more than 23 percent from lows in October as investors welcome signs that the U.S. economy is improving and credit conditions in Europe are easing after the bloc's central bank moved to boost liquidity in the financial system.

AT&T Inc posted a massive quarterly loss on a break-up fee for its failed T-Mobile USA merger and a pension-related charge on top of costly subsidies for smartphones. The shares fell nearly 2 percent in premarket trade.

Starbucks Corp, the world's biggest coffee chain, reports quarterly results and may offer an early read on the success of its lightest yet "Blonde" roast coffee and an update on its recently introduced K-cups for Green Mountain's popular Keurig one-cup brewers.

Reuters contributed to this report.?

Source: http://bottomline.msnbc.msn.com/_news/2012/01/26/10242088-stocks-open-higher-after-data-fed-move

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