Stocks Opened Higehr on Upbeat Earnings
- Tuesday, October 14, 2014, 9:58
- Stock Market
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U.S. stocks opened hihger on Tuesday amid positive earnings results, rebounding after three days of brutal losses. The Dow Jones Industrial Average lately added 72.76 points, or 0.45%, to 16,393.83. The S&P 500 rose 9.86 points, or 0.53%, to 1,884.60. The Nasdaq Composite gained 30.19 points, or 0.72%, to 4,243.85.
Citigroup said on Tuesday that third-quarter profit increased 13 percent from the period a year earlier. Â The bank reported profit of $1.15 a share on revenue of $19.97 billion, adjusting for one-time items.
JPMorgan Chase swung to a profit in the third quarter, but the announcement on Tuesday was marred by an early release of the results on a third-party website. The bank earned $5.57 billion in the quarter, or $1.36 a share, compared with a loss of $380 million in the quarter a year earlier.
Wells Fargo & Co. (WFC:US), the biggest U.S. home lender, posted a third-quarter profit that matched
analysts’ estimates. Net income rose 2.7 percent to $5.73 billion, or $1.02 a share, from $5.58 billion, or 99 cents, a year earlie.
U.K. authorities say inflation fell to its lowest point in five years, dropping to 1.2 percent in September
as shoppers benefited from a supermarket price war and lower petrol prices.
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