Stocks Opened Higher after Data

U.S. stocks opened higher on Wednesday, boosted by a raft of earnings from companies, as investors mostly shrugged off weaker-than-expected manufacturing data. The Dow Jones Industrial Average lately added 101.93 points, or 0.57%, to 18,138.63. The S&P 500 gained 12.26 points, or 0.58%, to 2,108.10. The Nasdaq Composite was up 21.00 points, or 0.42%, to 4,998.29.

Manufacturing activity growth in New York State unexpectedly contracted in April, weakening for a third straight month as the pace of new orders fell to a multi-year low, a New York Federal Reserve survey showed on Wednesday. The New York Fed’s Empire State general business conditions index fell to -1.19 in April from March’s 6.90.

Bank of America reported net income of $3.4 billion, or 27 cents a share, which was a big improvement on the $276 million loss the bank announced in the period a year earlier amid large costs related to mortgage litigation. Still, the bank failed to meet the 29 cents a share expected by analysts polled by Thomson Reuters.

Target Corp. (TGT) is close to reaching a settlement with MasterCard Inc. MA, -0.29% to reimburse financial institutions roughly $20 million for costs they incurred from the retailer’s massive data breach in 2013, according to people familiar with the negotiations.

Oil advanced for a fifth day as Iran joined Libya in calling for the Organization of Petroleum Exporting Countries to reduce production. West Texas Intermediate for May delivery increased as much as 96 cents to $54.25 a barrel in electronic trading on the New York Mercantile Exchange.