US stocks open higher as earnings deluge continues

Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, March 7, 2018. — Reuters pic
Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, March 7, 2018. — Reuters pic

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NEW YORK, May 3 — Wall Street stocks were higher early today to open a week that includes key US jobs data and earnings from General Motors, Pfizer and others.

Investors remain broadly optimistic about improving economic conditions in the United States, although there is also increased talk about the hit from cost inflation tied to higher commodity expenses and supply chain problems.

Markets are also keeping an eye on the coronavirus crisis in India, where there have now been some 20 million cases and much of the country’s health system has been overwhelmed.

Key economic reports this week include the April employment report on Friday, which will show the number of jobs added in the month and update the unemployment rate. General Motors will release results on Wednesday expected to update the market on the hit from a global semiconductor supply crunch.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.8 per cent at 34,149.99.

The broad-based S&P 500 gained 0.5 per cent to 4,203.51, while the tech-rich Nasdaq Composite Index edged up 0.2 per cent to 13,984.12.

Among individual companies, Verizon rose 0.5 per cent after announcing it is selling faded internet stars Yahoo and AOL to private equity firm Apollo Global Management for US$5 billion. Apollo gained 0.5 per cent. — AFP

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