US stocks open higher on mixed earnings
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NEW YORK, Jan 22 AFP
January 23 2013, 01:56AM
US stocks opened higher on Tuesday after the long holiday weekend following mixed earnings reports from leading companies.
Five minutes into trade, the Dow Jones Industrial Average was up 1.03 points (0.01 per cent) at 13,650.73.
The broad-based S&P 500 rose 5.04 (0.34 per cent) to 1,485,98.
The tech-heavy Nasdaq Composite was up 0.73 (0.02 per cent) at 3,135.44.
The positive US open followed tepid trading in Europe, where renewed concern about the banking sector surfaced, and Asia, where investors were disappointed by a Bank of Japan plan for boosting the economy.
Among US equities, Verizon, which missed earnings expectations, still mustered a 0.5 per cent gain, while Johnson & Johnson, which offered a middling outlook, fell 0.4 per cent.
Wall Street is digesting a "plethora of earnings reports," noted a Charles Schwab & Co. market update. "Verizon Communications Inc. posted softer-than-expected earnings and Johnson & Johnson offered mixed quarterly results, while Travelers Companies Inc and DuPont both easily exceeded analysts' profit projections."