USA stocks open higher on strong corporate earnings

17 January, 2018, 02:20 | Author: Gladys Mathis
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UnitedHealth rose 2.2 percent after the largest USA health insurer reported results that beat analysts' estimates and raised its full-year profit forecast.

"The gains have been made thanks to optimism over the Republican tax cut bill and hopes it will boost corporate profits and provide a fresh spark to the economy", Cohen said.

First Hawaiian Bank reduced its position in SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) by 15.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission.

The pan-European STOXX 600 index ended flat, while euro zone stocks added 0.3 per cent as the euro gave up some of its strength against the USA dollar.

Fourth quarterly reports have fuelled a bull market as indexed companies experience strong earnings that are supported by U.S. tax reform and sustained global economic growth.

Among Bay Area stocks that make up the Dow's 30 companies, Apple rose Tuesday by nearly 0.2 percent, to $177.27 a share, giving it a market capitalization of nearly $902 billion.

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The S&P 500 was up 18.09 points, or 0.65 percent, at 2,804.33 and the Nasdaq Composite was up 62.08 points, or 0.85 percent, at 7,323.14. The Nasdaq shed 31 points, or 0.4 percent, to 7,229.

Earnings season is off to a strong start thus far.

General Electric shares fell 3.7 percent after the industrial conglomerate said it would record a $6.2 billion charge in the fourth quarter as part of an ongoing review of its finance arm's insurance portfolio. The institutional investor owned 2,273 shares of the exchange traded fund's stock after selling 409 shares during the period.

MSCI's Asia ex-Japan stock index was firmer by 0.54 per cent, while Tokyo's Nikkei rose 1.0 per cent to 23,951.81.

Benchmark 10-year notes last rose 2/32 in price to yield 2.5462 percent, from 2.552 percent late on Friday. Brent crude, used to price global oils, shed 99 cents, or 1.4 percent, to $69.27 in London. Range Resources slid 71 cents, or 4 percent, to $16.87.

USA markets were closed on Monday due to the Martin Luther King holiday.

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