Stocks Higher on Company Earnings
Stocks Higher on Company Earnings
(AP) -- U.S. stock indexes moved mostly higher in early trading Tuesday as investors pored through the latest batch of company earnings. Mining and energy companies were among the biggest gainers, while technology stocks lagged the most. Oil prices rebounded.
KEEPING SCORE: The Dow Jones industrial average rose 88 points, or 0.5 percent, to 18,091 as of 10:10 a.m. Eastern time. The Standard & Poor's 500 index added eight points, or 0.4 percent, to 2,103. The Nasdaq composite index fell six points, or 0.1 percent, to 4,953.
MINE THIS: Several mining companies were up sharply. Freeport-McMoRan gained 85 cents, or 7.7 percent, to $11.87, while Newmont Mining rose $1.25, or 4.2 percent, to $30.71.
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TUNING OUT: Netflix slumped 11.4 percent a day after the streaming video company's latest subscriber forecast disappointed investors. Netflix's first-quarter revenue also fell short of Wall Street's expectations. The stock lost $12.38 to $96.02.
HEALTHIER OUTLOOK: UnitedHealth Group added 2.3 after health insurance company raised its guidance for the year and reported strong results for the first quarter. The stock gained $2.89 to $130.70.
STRONG QUARTER: Kansas City Southern gained 3.8 percent after the railroad operator posted larger-than-expected quarterly earnings. The stock rose $3.49 to $94.96.
CTRL-ALT-DEL: IBM slid 4.9 percent after the company delivered improved first-quarter earnings thanks to a big tax refund, but also lower revenue amid weaker software sales. The stock shed $7.53 to $145.01.
OVERSEAS: Upbeat economic data and a rebound in oil prices lifted European markets. Germany's DAX was up 2.1 percent, while France's CAC 40 was up 1.2 percent. Britain's FTSE 100 was up 0.5 percent. Earlier in Asia, Japan's Nikkei rallied 3.7 percent a sharp loss on Monday. South Korea's Kospi rose 0.1 percent, while Hong Kong's Hang Seng index gained 1.3 percent.
ENERGY: Benchmark U.S. crude was up $1.25, or 3.2 percent, to $41.05 a barrel in New York. Brent crude, the international benchmark, was up $1.16, or 2.7 percent, to $44.08 a barrel in London.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.79 percent from 1.77 percent late Monday. In currency markets, the yen resumed its slide with the dollar strengthening to 109.36 yen from 108.82 yen. The euro rose to $1.1375 from $1.1314.
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