Stocks Opened Higher after Strong Earnings

U.S. stocks opened higher on Friday, after a round of strong corporate earnings overshadowed worries over the spread of the coronavirus. The Dow Jones Industrial Average lately rose 96 points, or 0.3%, to 29,256. The S&P 500 was up 3.51 points, or 0.11%, to 3,329.05. The Nasdaq Composite gained 38.25 points or 0.41%, to 9,440.73.

Oil futures headed toward a fourth straight decline Friday morning, pushing crude to sharp weekly losses. West Texas Intermediate crude for March delivery are down 19 cents, or 0.4%, at $55.39 a barrel. March Brent crude gave up 29 cents, or 0.5%, at $61.78 a barrel.

Chipmaker Intel (INTC) delivered quarterly results and guidance that topped consensus expectations. Fourth-quarter adjusted earnings per share came in at $1.52 on revenue of $20.21 billion. Intel’s guidance for first quarter adjusted EPS of $1.30 on revenue of $19 billion also topped estimates.

American Express (AXP) delivered quarterly sales, earnings and guidance that beat expectations. Fourth quarter adjusted EPS was $2.03, or two cents better than anticipated, and revenue of $11.4 billion was just above expectations for $11.36 billion.