Stocks Opened Slightly Higher on Earnings Enthusiasm

U.S. stocks opened slightly higher on Monday, with the latest corporate earnings likely to set the tone for traders. The Dow Jones Industrial Average lately rose 13.43 points, or 0.05%, to 25,032.84. The S&P 500 was down 1.26 points, or 0.04%, to 2,800.05. The Nasdaq Composite advanced 1.98 points, or 0.03%, to 7,827.96.

Oil prices edged down Monday morning, ahead of a highly anticipated meeting between President Donald Trump and his Russian counterpart, Vladimir Putin. September Brent crude fell $1.33, or 1.8%, to $74.01 a barrel. August West Texas Intermediate crude fell $1.20, or 1.7%, to $69.82 a barrel.

Bank of America Corp reported quarterly profit above expectations as the second-largest U.S. lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy. Net income applicable to common shareholders rose 36.3 percent to $6.47 billion in the second quarter. Excluding items, it earned 64 cents per share compared with the average expectation of 57 cents per share, according to Thomson Reuters I/B/E/S.

BlackRock Inc. reported a 25.6 percent jump in quarterly profit on Monday, helped by higher investment advisory fees. Net income attributable to the company rose to $1.07 billion in the second quarter ended June 30, from $854 million a year earlier. On a per share basis, BlackRock earned $6.62, compared with $5.20 a year earlier.

China’s economic growth slowed in the quarter ending in June, adding to challenges for Beijing as its tariff battle with Washington escalates. The world’s second-largest economy expanded by 6.7 percent over a year earlier, down from the previous quarter’s 6.8 percent, the government reported Monday.

About the Author

has written 15048 stories on this site.

Copyright © 2012 Nine Stocks