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U.S. stocks open higher driven by earnings

Xinhua, May 1, 2017 Adjust font size:

U.S. stocks opened higher on Monday, the first trading day of the month, as investors digested the newly-released data and awaited for another big week of earnings.

Apple, Facebook and American International Group are among companies set to report quarterly earnings later this week.

This earnings season has been strong so far. The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2017 are expected to rise 13.6 percent year on year, while the revenues are forecast to increase 7.1 percent.

On the economic front, U.S. personal income increased 0.2 percent in March, slightly less than market estimates, according to the U.S. commerce department Monday.

In March, personal consumption expenditures (PCE) increased 5.7 billion U.S. dollars, or less than 0.1 percent.

The manufacturing index from the Institute for Supply Management (ISM) is also due later Monday.

Meanwhile, the Federal Reserve's policymakers are slated to meet this week, but investors widely expected them to hold interest rate steady.

Shortly after the opening bell, the Dow Jones Industrial Average was up 5.70 points, or 0.03 percent, to 20,946.21. The S&P 500 rose 3.48 points, or 0.15 percent, to 2,387.68. The Nasdaq Composite Index gained 20.73 points, or 0.34 percent, to 6,068.34.

U.S. stocks posted solid gains for the last week of April, as investors mainly cheered over strong corporate earnings and economic reports. Endi