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U.S. stocks open higher after China data, bank earnings

Xinhua, January 19, 2016 Adjust font size:

U.S. stocks opened higher on Tuesday, as investors expected further stimulus measures from Beijing following data that China's economy recorded the slowest annual expansion in 25 years, and digested on strong bank earnings reports.

Shortly after the opening bell, the Dow Jones Industrial Average rose 143.06 points, or 0.89 percent, to 16,131.14. The S&P 500 gained 17.40 points, or 0.93 percent, to 1,897.73. The Nasdaq Composite Index was up 41.88 points, or 0.93 percent, to 4,530.29.

China's economy grew 6.9 percent year on year in 2015, in line with the official target of around 7 percent for the year, according to the data from the National Bureau of Statistics (NBS) on Tuesday.

Global equities posted solid gains after the Chinese economic data, as many investors expect Beijing may do more to stimulus its economy.

Chinese shares surged on Tuesday, with the Shanghai Composite soaring over 3 percent and regained the 3,000-point mark.

In corporate news, both Bank of America and Morgan Stanley posted strong earnings report before the opening bell on Tuesday.

Bank of America announced its net income of 3.3 billion U.S. dollars for the fourth quarter of 2015, and earnings per share of 28 cents.

Shares of Morgan Stanley rose over 1.5 percent in the early trading after the company posted its fourth quarter net revenues of 7.7 billion dollars and earnings per diluted share of 39 cents.

U.S. stock markets were closed on Monday for the Martin Luther King, Jr. holiday. Endi