Markets Right Now: Solid earnings send stocks higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are edging higher in early trading as investors are reassured by solid earnings reports from several big-name companies.
General Motors added 2% early Thursday after reporting earnings that were far higher than analysts were expecting. The automaker said higher prices for pickup trucks and SUVs helped overcome slowing sales.
The early gains came a day after markets were spooked by comments from Federal Reserve Chairman Jerome Powell indicating the Fed was not embarking on a long cycle of lower interest rates.
The S&P 500 index rose 7 points, or 0.2%, to 2,987.
The Dow Jones Industrial Average rose 50 points, or 0.2%, to 26,915. The Nasdaq rose 53 points, or 0.6%, to 8,227.
Bond prices rose. The yield on the 10-year Treasury fell to just under 2%.