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U.S. stocks open higher on strong corporate earnings

Xinhua,January 16, 2018 Adjust font size:

NEW YORK, Jan. 16 (Xinhua) -- U.S. stocks opened higher on Tuesday as key corporate earnings came out better than expected.

Shortly after the opening bell, the Dow Jones Industrial Average added 218.80 points, or 0.85 percent, to 26,021.99. The S&P 500 increased 16.11 points, or 0.58 percent, to 2,802.35. The Nasdaq Composite Index was up 55.72 points, or 0.77 percent, to 7,316.79.

Citigroup reported adjusted earnings per share of 1.28 U.S. dollars for the fourth quarter of 2017, beating market expectations 1.19 dollars. Shares of Citigroup climbed 1.5 percent in the morning session.

Earnings season is off to a strong start thus far. According to financial research company FactSet, of the S&P 500 companies that had reported as of Friday, 69 percent have surpassed earnings-per-share estimates while 85 percent have beaten expectations on the top line.

U.S. markets were closed on Monday due to the Martin Luther King holiday. Enditem

 

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