We construct a non-commutative, non-cocommutative, graded bialgebra $\mathbfΠ$ with a basis indexed by the permutations in all finite symmetric groups. Unlike the formally similar Malvenuto-Poirier-Reutenauer Hopf algebra, this bialgebra does not have finite graded dimension. After giving formulas for the product and coproduct, we show that there is a natural morphism from $\mathbfΠ$ to the algebra of quasi-symmetric functions, under which the image of a permutation is its associated Stanley symmetric function. As an application, we use this morphism to derive some new enumerative identities. We also describe analogues of $\mathbfΠ$ for the other classical types. In these cases, the relevant objects are module coalgebras rather than bialgebras, but there are again natural morphisms to the quasi-symmetric functions, under which the image of a signed permutation is the corresponding Stanley symmetric function of type B, C, or D.