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U.S. stocks open higher amid earnings

Xinhua, August 9, 2016 Adjust font size:

U.S. stocks opened slightly higher Tuesday as Wall Street pondered over a batch of earnings reports.

With no major economic report due Tuesday, investors shifted their focus from the U.S. Federal Reserve to corporate earnings reports.

After Monday's closing bell, Resolute Energy Corp., a U.S. oil and gas company, said its losses narrowed in the second quarter of 2016. Its shares spiked nearly 15 percent in early trading Tuesday.

Shares of Coach Inc., a U.S. luxury retailer, fell about one percent in Tuesday's early trading despite its fiscal fourth-quarter earnings report that beat market expectations.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2016 are expected to decrease 2.6 percent year on year, while the revenues are forecast to decline 0.3 percent.

Shortly after the opening bell, the Dow Jones Industrial Average rose 23.49 points, or 0.13 percent, to 18,552.78. The S&P 500 edged up 1.35 points, or 0.06 percent, to 2,182.24. The Nasdaq Composite Index added 6.68 points, or 0.13 percent, to 5,219.82.

On Monday, U.S. stocks reversed early gains to close mildly lower as investors continued to digest the country's robust July jobs report. Endi