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Investing.com — U.S. stock markets opened higher on Friday, as the inflation and rate hike fears of earlier in the week were offset by confidence in the ongoing strength of the economy.
By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average was up 102 points, or 0.3%. at 36,024 points. The S&P 500 and the Nasdaq Composite were both up by less than 0.1%. As such all three are on course for their first down week in five.
The week is ending in subdued fashion after data earlier showed U.S. inflation running at its highest rate in 30 years. That may be reflected in the University of Michigan’s Consumer Sentiment index which is due for release at 10 AM, along with the Labor Department’s monthly survey on vacancies.
Among individual movers, Johnson & Johnson (NYSE:JNJ) stock rose 1.3% after announcing its intention to separate its consumer healthcare division from its pharmaceuticals and medical devices units, hoping that the market will value the two businesses more highly as separate entities. J&J’s current price-earnings multiple of 24 compares poorly to that of pure play pharma rivals (Eli Lilly (NYSE:LLY) stock, for example, currently trades at 40 times last year’s earnings).
Tesla (NASDAQ:TSLA) stock fell another 2.9% after another SEC filing showed that CEO Elon Musk continued to sell stock, despite probably having raised enough to cover his imminent tax bill. Musk sold another 639,737 shares on Wednesday, according to a filing on Thursday. Musk indicated at the weekend he would sell some 10% of his overall holding, suggesting that he will still sell around another 12 million shares.
