Stocks Open Higher After Solid Earnings

U.S. stocks opened more than 1% high on Friday, buoyed by a round of solid corporate earnings reports. The Dow Jones Industrial Average lately rose 164.05 points, or 1.42%, to 11,705.83. The Standard & Poor’s 500 Index gained 16.81 points, or 1.38%, to 1,232.20. The Nasdaq Composite Index added 33.23 points, or 1.28%, to 2,631.85.

General Electric Co reported an 18 percent profit rise that met Wall Street’s expectations. GE reported a profit of $3.22 billion, up from $2.06 billion a year earlier. Excluding the redemption, earnings rose to 31 cents from 28 cents a year earlier.

McDonald’s Corp. increased its third-quarter net income by 9 percent to $1.51 billion. Revenue at the fast-food giant rose 14 percent to $7.17 billion, the company said Friday, beating analysts’ expectations of $7.02 billion. Revenue at stores open at least 13 months rose 5 percent.

Groupon reported nearly breaking even in its third quarter. On Friday, the daily deals giant published the expected price range of its initial offering in a revised prospectus. Groupon expects to sell 30 million shares and fetch $16 to $18 a share, valuing the company at as much as $11.4 billion.

Barnes & Noble says Chief Financial Officer Joseph Lombardi has resigned and the company is starting a search to replace him.

Crude-oil futures edged higher in electronic trading on Friday. Crude for November delivery  added 18 cents, or 0.2%, to $86.25 a barrel on the New York Mercantile Exchange during Asian trading hours.