Stocks Opened Higher as Investors Focus on Earnings

U.S. stocks opened higher on Thursday, as investors focused on a deluge of corporate results. The Dow Jones Industrial Average lately rose 120.29 points, or 0.52%, to 23,449.75. The S&P 500 gained 7.55 points, or 0.30%, to 2,564.70. The Nasdaq Composite added 6.30points, or 0.10%, to 6,570.20.

The number of Americans filing for unemployment benefits increased less than expected last week, suggesting the labor market continued to tighten after recent hurricane-related disruptions. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 233,000 for the week ended Oct. 21, the Labor Department said.

Oil prices were mainly flat Thursday, as the market held steady in a newfound, higher range for crude. West Texas Intermediate futures was up 4 cents at $52.22 a barrel. Brent crude was down 0.2% at $58.35 a barrel.

United Parcel Service Inc reported a slightly lower quarterly net profit on Thursday due to U.S. hurricanes and higher costs for Saturday delivery. The company posted third-quarter net income of $1.26 billion or $1.45 per share, compared with $1.27 billion or $1.44 per share a year earlier. Quarterly revenue rose to $15.98 billion from $14.93 billion. The company said it expects full-year earnings per share in a range from $5.85 to $6.10.

Altria Group (MO) on Thursday reported third-quarter profit of $1.87 billion. On a per-share basis, the company said it had profit of 97 cents. It posted revenue of $5.98 billion in the period. Altria expects full-year earnings in the range of $3.26 to $3.32 per share.

Ford Motor Co. (F) beat profit and revenue estimates for the third quarter. The car maker said it had net income of $1.6 billion, or 39 cents a share, in the quarter, up from $957 million, or 24 cents a share, in the year-earlier period. Revenue climbed to $36.5 billion from $35.9 billion.

American Airlines Group Inc. (AAL) beat third-quarter profit expectations and provided an upbeat outlook. Net income that fell to $624 million, or $1.28 a share, from $737 million, or $1.40 a share, in the same period a year ago. Revenue rose to $10.88 billion from $1.59 billion.