Stocks Opened Higehr on Upbeat Earnings

U.S. stocks opened hihger on Tuesday amid positive earnings results, rebounding after three days of brutal losses. The Dow Jones Industrial Average lately added 72.76 points, or 0.45%, to 16,393.83. The S&P 500 rose 9.86 points, or 0.53%, to 1,884.60. The Nasdaq Composite gained 30.19 points, or 0.72%, to 4,243.85.

Citigroup said on Tuesday that third-quarter profit increased 13 percent from the period a year earlier.  The bank reported profit of $1.15 a share on revenue of $19.97 billion, adjusting for one-time items.

JPMorgan Chase swung to a profit in the third quarter, but the announcement on Tuesday was marred by an early release of the results on a third-party website. The bank earned $5.57 billion in the quarter, or $1.36 a share, compared with a loss of $380 million in the quarter a year earlier.

Wells Fargo & Co. (WFC:US), the biggest U.S. home lender, posted a third-quarter profit that matched
analysts’ estimates. Net income rose 2.7 percent to $5.73 billion, or $1.02 a share, from $5.58 billion, or 99 cents, a year earlie.

U.K. authorities say inflation fell to its lowest point in five years, dropping to 1.2 percent in September
as shoppers benefited from a supermarket price war and lower petrol prices.