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Stocks Open Higher Despite Housing Starts that Miss Forecasts

Stocks open higher on Wednesday, continuing the reversal and rally in U.S. markets during the prior session. This, despite a report from the Commerce Department that said builders began work on fewer houses in March than analysts had expected. Shares of Bank of America are trading lower after the company reported a first-quarter loss before the bell, tied to $6 billion in litigation expenses. In other headlines, Johnson Controls said it will buy Air Distribution Technologies for $1.6 billion.