Stocks Opened at Record on Strong Earnings

U.S. stocks opened at record highs on Wednesday following a set of strong quarterly earnings. The Dow Jones Industrial Average lately rose 109.28 points, or 0.51%, to 21,722.71. The S&P 500 gained 3.57 points, or 0.14%, to 2,480.70. The Nasdaq Composite added 16.02 points, or 0.25%, to 6,428.19.

Oil prices rose to near eight-week highs on Wednesday, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures rose 40 cents to $50.60 a barrel by 1213 GMT. U.S. West Texas Intermediate futures climbed 50 cents to $48.39 a barrel.

Ford topped analysts’ expectations on Wednesday, helped by strong performance at its financing arm, higher sales of its F-Series and other trucks, and a lower-than-expected tax rate. The company raised its earnings forecast to a range of $1.65 to $1.85 a share, on an adjusted basis

Coca-Cola Co. (KO) beat earnings and revenue expectations. Second-quarter net income was $1.37 billion, or 32 cents per share, down from $3.45 billion, or 79 cents per share for the same period last year. Revenue for the quarter totaled $9.7 billion, down from $11.5 billion last year.

Boeing Co. (BA)’s profit beat and raised outlook offset a sales miss. The company swung to a net profit of $1.76 billion, or $2.89 a share, from a loss of $234 million, or 37 cents a share, in the same period a year ago. Revenue fell to $22.74 billion from $24.76 billion.