Corporate earnings gains drive US stock higher
NEW YORK (AP) — Earnings gains from General Motors, 3M and other big companies are driving stocks sharply higher in early trading.
GM rose 2 percent after reporting that its third-quarter profit doubled thanks to big earnings from SUV and truck sales.
Caterpillar, 3M and Southwest Airlines also gained after reporting earnings that pleased investors. AT&T lost 2 percent after its results fell short of analysts’ forecasts.
The Standard & Poor’s 500 index rose 19 points, or 1 percent, to 1,946 as of 9:35 a.m. Eastern time Thursday.
The Dow Jones industrial average rose 200 points, or 1.2 percent, to 16,659. The Nasdaq composite rose 41 points, or 1 percent, to 4,424.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.26 percent.