Wall Street rallies 1% at the open on upbeat earnings

US stock indices opened the last session of the week sharply higher after a spate of data from the US and following positive earnings results for the third quarter. 

US existing home sales fell 3.4% in September to an annualized 5.15 million units, compared to a 0.2% dip in August to 5.33 million, while analysts expected a 0.9% drop to 5.29 million units. 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

The Fed forecast another rate hike this year, and three more next year, and another in 2020, as the economy blisters ahead. 

Stock Performance 

As of 02:25 GMT, Standard and Poor's 500 rose 0.88%, or 24.42 points to 2,793.30, while Dow Jones added 0.74%, or 187.89 points to 25,567.34. 

Tech-heavy NASDAQ rallied 1.03%, or 77.16 points to 7,562.30.