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U.S. stocks open higher on companies' earning reports

Xinhua, April 14, 2015 Adjust font size:

U.S. stocks opened higher Tuesday, as major companies and banks had reported relatively optimistic first quarter results before the opening bell.

Both JPMorgan Chase and Wells Fargo have reported their quarterly earnings, which beat analysts' previous estimates.

JPMorgan's net income of the first quarter in 2015 rose to 5.914 billion U.S. dollars, or 1.45 dollars per share, which topped Wall Street's forecasts for 1.40 dollars per share.

Wells Fargo, the third largest U.S. bank by assets, posted quarterly earnings of 1.04 dollars per share, which was lower than the 1.05 dollars per share earnings in the first quarter of 2014 but was still higher than the market's forecasts.

Its quarterly revenue was up 3 percent from the previous year, above estimates as well.

Meanwhile, Johnson & Johnson reported quarterly sales of 17.4 billion dollars, 4.1 percent lower than those of the first quarter in 2014, as the company faced headwinds from the impact of a strong dollar. Its shares declined 0.09 percent in the early session.

On an economic front, retail sales for March showed an increase of 0.9 percent from the previous month, slightly below expectations of 1.1 percent, the U.S. Commerce Department reported Tuesday.

Meanwhile, the Producer Price Index for final demand increased 0.2 percent in March, seasonally adjusted, the U.S. Labor Department reported. The data was in line with analysts' expectations.

Shortly after the opening bell, the Dow Jones Industrial Average gained 54.89 points, or 0.31 percent, to rise to 18,031.93. The S&P 500 rose 3.88 points, or 0.19 percent, to 2,096.31. The Nasdaq Composite Index increased 7.31 points, or 0.15 percent, to 4,995.56. Endi