Stock Opened Higher amid Bank Earnings

U.S. stocks opened higher on Tuesday as third-quarter corporate earnings reporting season gets fully under way. The Dow Jones Industrial Average lately rose 126.86 points, or 0.47%, to 26,914.22. The S&P 500 gained 13.75 points, or 0.46%, to 2,979.90. The Nasdaq Composite added 39.88 points, or 0.50%, to 8,088.53.

Oil futures remained under pressure Tuesday, but trimmed earlier losses, after Chinese officials were quoted making positive remarks about a partial U.S.-China trade deal. West Texas Intermediate crude for December delivery fell 34 cents, or 0.5%, to $53.25 a barrel, while December Brent crude was off 33 cents, or 0.6%, at $59.02 a barrel.

J.P. Morgan Chase & Co.(JPM) beat profit and revenue expectation as strength in consumer banking and investment banking helped offset a “more challenging” interest rate environment. Net income rose to $9.08 billion, or $2.68 a share, from $8.38 billion, or $2.34 a share, in the year-ago period. Revenue increased to $30.06 billion from $27.82 billion.

Goldman Sachs Group Inc reported a 27% slump in quarterly profit on Tuesday, hit by lower fees from advising on deals and weakness in underwriting. The bank’s net earnings applicable to common shareholders fell to $1.79 billion in the quarter ended Sept. 30 from $2.45 billion a year ago. Earnings per share fell to $4.79 from $6.28 a year earlier. Total net revenue fell 6% to $8.32 billion.

Citigroup beat forecasts for September quarter earnings. The global bank reported quarterly earnings of $2.07 a share, beating the expected $1.95 thanks to having fewer shares outstanding and enjoying a lower tax rate. The bank earned $4.9 billion on revenue of $18.6 billion in the quarter. The year-ago quarter has earnings of $4.6 billion, or $1.73 a share, on revenue of $18.4 billion.