Stocks Opened Higher on Strong Earnings

U.S. stocks opened higher on Tuesday, with the Dow seeing a particularly strong gain as several key components reported better-than-expected quarterly results. The Dow Jones Industrial Average lately rose 205.91 points, or 0.99%, to 20,969.80. The S&P 500 climbed 12.94 points, or 0.55%, to 2,387.09. The Nasdaq Composite rose 29.71 points, or 0.50%, to 6,013.53.

Coca-Cola Co (KO) on Tuesday expanded its savings target and said it now expected the decline in 2017 adjusted profit to be smaller than it previously forecast. Net income attributable to the company’s shareholders fell to $1.18 billion, or 27 cents per share, from $1.48 billion, or 34 cents per share, a year earlier. It expects full-year adjusted profit to decline 1-3 percent, compared with the 1-4 percent decline it forecast in February.

Chemicals and seeds producer DuPont reported a better-than-expected profit for the seventh straight quarter, helped by a rise in seed sales. Net income attributable to DuPont fell to $1.11 billion, or $1.27 per share, in the first quarter, from $1.23 billion, or $1.39 per share, a year earlier. DuPont said it expects operating earnings per share to rise 16 percent in the first half to $2.90, driven by sales growth.

U.S. house prices continued to show no signs of slowing, hitting their highest in nearly three years as demand remains hot. The S&P/Case-Shiller 20-city index rose 5.9% in the three-month period ending in February compared to the same period a year ago, an acceleration from its 5.7% yearly increase in January.

Tyson Foods Inc. (TSN) said early Tuesday that it has agreed to acquire AdvancePierre Foods Holdings Inc. (APFH) in a deal valued at $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt.