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U.S. stocks open higher amid earnings, data

Xinhua, October 27, 2016 Adjust font size:

U.S. stocks opened higher on Thursday as investors pondered over a fresh batch of corporate earnings results and economic data.

United Parcel Service Inc. said on Thursday before the opening bell that it earned 1.27 billion dollars in the third quarter, up 1 percent from a year earlier, while its revenue rose 4.9 percent to 14.93 billion dollars, beating Wall Street expectations.

Corporate earnings have done well relative to market consensus. According to a report from The Earnings Scout, 39 percent of S&P 500 components had posted results as of Wednesday morning, with 76 percent beating earnings estimates and 62 percent topping sales expectations.

On the economic front, in the week ending Oct. 22, the advance figure for seasonally adjusted initial claims was 258,000, a decrease of 3,000 from the previous week's revised level, the Labor Department said Thursday.

The latest reading was higher than market consensus of 255,000.

The Commerce Department said on Thursday that new orders for U.S. manufactured capital goods unexpectedly fell 1.2 percent in September after three straight months of strong gains.

Shortly after the opening bell, the Dow Jones Industrial Average added 46.20 points, or 0.25 percent, to 18,245.53. The S&P 500 increased 6.26 points, or 0.29 percent, to 2,145.69. The Nasdaq Composite Index was up 19.48 points, or 0.37 percent, to 5,269.74.

On Wednesday, U.S. stocks closed mixed as investors pondered over a batch of quarterly earnings results amid economic data. Endi