Stocks Opened Higher on Strong Earnings

U.S. stocks opened higher on Wednesday, boosted by a round of upbeat corporate earnings from Dow members. The Dow Jones Industrial Average lately rose 278.92 points, or 1.14%, to 24,683.40. The S&P 500 advanced 18.28 points, or 0.69%, to 2,651.18. The Nasdaq Composite gained 56.98 points, or 0.81%, to 7,077.34.

Oil futures bounced back Wednesday from the day earlier’s sharp retreat, finding traction after data suggested a slowdown in U.S. shale production. West Texas Intermediate crude for March delivery rose 37 cents, or 0.7%, at 453.38 a barrel. March Brent was up 50 cents, or 0.8%, to $61.97 a barrel.

International Business Machines Corp.(IBM) reported fourth-quarter net income of $1.95 billion, or $2.15 a share, compared with a loss of $1.05 billion, or $1.14 a share, in the year-ago period.

The Procter & Gamble Co.(PG) reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $3.2 billion, or $1.22 per share, up from $2.5 billion, or 93 cents per share, for the same period last year.

United Technologies Corp. (UTX) blew past earnings estimates for the fourth quarter and offered upbeat guidance for 2019. The company said it had net income of $686 million, or 83 cents a share, in the quarter, up from $397 million, or 50 cents a share, in the year-earlier period.