Wall Street opens higher on sentiment, leading indicators data

U.S. stocks climbed higher on Friday’s opening, buoyed by a positively over-the-roof increase in consumer sentiment which rose to pre-crisis levels, and an above forecast rise in leading indicators, sending the U.S. dollar to a three-year high, and putting stocks on route for a fourth week in gains.

The Dow Jones Industrial Average climbed 0.36% or 54.20 points to 15287.11 points. The S&P 500 index rose 0.54% to 1659.45 points. The NASDAQ composite index rose 0.47% to 3481.50 points.

The major U.S. indexes have hit new record highs this week, but stocks pulled back Thursday amid a raft of mixed economic reports and as some Fed officials called for an end to monetary stimulus this year.

The University of Michigan said its consumer sentiment index surged to 83.7 in its preliminary reading for May, the highest since July 2007, highly above estimates at 77.9, from 76.4 in April.

The Dollar Index, which tracks the performance of the U.S. dollar against a basket of other major currencies, soared to 84.50 after the release of the report, its highest level since July 2010, from 84.39 prior to the release. The index eased back to 84.38 after the opening bell.

The index of U.S. leading indicators climbed in April, a rebound from March that suggests the world’s largest economy may be poised for further expansion. The Conference Board’s gauge of the outlook for the next three to six months climbed 0.6 percent in April after falling a revised 0.2 percent in March that was steeper than previously reported, the New York-based group said today.