Investing.com – U.S. stocks were higher after the open on Monday, as strong corporate earnings reports boosted sentiment on Wall Street and led markets higher.
During early U.S. trade, the Dow Jones Industrial Average rose 0.78%; the S&P 500 index gained 0.72%, while the Nasdaq Composite index was up 0.77%.
In earnings news, office supplies retailer Office Depot saw its shares soar 9.94% after it announced better-than-expected preliminary third quarter earnings, ahead of the release of its full third quarter earnings report on Wednesday. The retailer also said that chief executive officer Steve Odland, who last week settled improper disclosure charges with U.S. regulators, was to step down as of November 1.
Meanwhile, shares in the third-largest U.S. tobacco company Lorillard Inc. jumped 2.06% after it said third quarter net profit increased 17% from a year earlier, rising to USD 274 million.
Elsewhere, shares in the second-largest U.S. bank Citigroup rose 2.55% after global investment bank Goldman Sachs upgraded the stock and added it to their ‘conviction buy list’.
But shares in electronics retailer RadioShack plunged 6.05% despite seeing profits rise 23% from a year earlier, after the company reported that third quarter sales of core electronics fell more-than-expected.
Semiconductor manufacturer Texas Instruments and Amgen, the world’s largest independent biotech firm, were to release their earnings reports after the closing bell.
Meanwhile, across the Atlantic, European stock markets were up: France’s CAC 40 climbed 0.42%; Germany's DAX gained 0.76%; Britain's FTSE 100 gained 0.63%; and the EURO STOXX 50 was up 0.20%.
Earlier in the day, industry data showed that U.S. existing home sales rose more-than-expected in September, while a separate report showed that industrial new orders in the euro zone rose significantly more-than-expected in August.
During early U.S. trade, the Dow Jones Industrial Average rose 0.78%; the S&P 500 index gained 0.72%, while the Nasdaq Composite index was up 0.77%.
In earnings news, office supplies retailer Office Depot saw its shares soar 9.94% after it announced better-than-expected preliminary third quarter earnings, ahead of the release of its full third quarter earnings report on Wednesday. The retailer also said that chief executive officer Steve Odland, who last week settled improper disclosure charges with U.S. regulators, was to step down as of November 1.
Meanwhile, shares in the third-largest U.S. tobacco company Lorillard Inc. jumped 2.06% after it said third quarter net profit increased 17% from a year earlier, rising to USD 274 million.
Elsewhere, shares in the second-largest U.S. bank Citigroup rose 2.55% after global investment bank Goldman Sachs upgraded the stock and added it to their ‘conviction buy list’.
But shares in electronics retailer RadioShack plunged 6.05% despite seeing profits rise 23% from a year earlier, after the company reported that third quarter sales of core electronics fell more-than-expected.
Semiconductor manufacturer Texas Instruments and Amgen, the world’s largest independent biotech firm, were to release their earnings reports after the closing bell.
Meanwhile, across the Atlantic, European stock markets were up: France’s CAC 40 climbed 0.42%; Germany's DAX gained 0.76%; Britain's FTSE 100 gained 0.63%; and the EURO STOXX 50 was up 0.20%.
Earlier in the day, industry data showed that U.S. existing home sales rose more-than-expected in September, while a separate report showed that industrial new orders in the euro zone rose significantly more-than-expected in August.