Stocks Opened Higher after Steep Losses

U.S. stocks opened higher on Tuesday, recovering some of the steep losses suffered during the previous week, as investors were focusing on earnings reports. The Dow Jones Industrial Average lately added 81.15 points, or 0.51%, to 16,069.23. The S&P 500 gained 7.45 points, or 0.40%, to 1,887.78. The Nasdaq Composite was up 18.52 points, or 0.41%, to 4,506.94.

Bank of America Corp, the No. 2 U.S. bank by assets, reported a better-than-expected rise in profit for the final quarter of 2015. BofA said its net income attributable to common shareholders rose to 9.8 percent $3.01 billion, or 28 cents per share, in the quarter.

Morgan Stanley swung to a profit in the fourth quarter, helped by gains in its equities and merger-advisory divisions. Morgan Stanley earned $908 million, or 39 cents a share. That compares with a loss of $1.63 billion, or 91 cents a share, in a year-earlier period.

Cheaper jet fuel thanks to falling oil prices helped Delta Air Lines earn $980 million in the fourth quarter despite lower revenue than a year ago. Excluding what it termed one-time items, Delta said it would have earned $1.18 per share.

Tiffany reported a worldwide decline in jewelry sales during the holiday period as consumer spending remained tepid in an uncertain global economy. The company reported a 9 percent drop in global same-store sales, or sales at stores open at least a year.

Healthcare conglomerate Johnson & Johnson said it would cut about 3,000 jobs within its medical devices division, or between 4 percent and 6 percent of the unit’s global workforce, over the next two years.

UnitedHealth Group Inc. said profit declined in its latest quarter as the biggest U.S. health insurer struggles with its health-care exchange segment. The company reported a profit of $1.22 billion, or $1.26 a share, down from $1.51 billion, or $1.55, a year earlier. Revenue increased 30% to $43.60.