Stocks open higher as earnings arrive |
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Mon, 15 Oct 2007 14:37
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NEW YORK (AP) - Stocks opened moderately higher Monday as investors parsed through quarterly corporate results and weighed news that major U.S. banks will set up a fund to help bail out the credit markets.The stock market's modest moves early Monday comes as investors await third-quarter reports due this week from more than 80 members of the Standard & Poor's 500 index and as investors saw oil push to new highs.Citigroup Inc., the nation's biggest financial institution, reported that third-quarter results fell 57 percent because of investments in mortgage-backed securities. The bank -- along with JPMorgan Chase & Co. and Bank of America Corp. -- announced the creation of a fund used to help revive the asset-backed commercial paper market.The fund will buy assets from structured investment vehicles, also known as SIVs, which buy corporate bonds and subprime mortgage debt. The bailout was orchestrated by the Treasury Department to avoid a fire sale in the market.In the first minutes of trading, the Dow Jones industrial average rose 12.43, or 0.09 percent, to 14,105.51.Broader stock indicators rose. The Standard & Poor's 500 index 2.52, or 0.16 percent, to 1,564.32, and the Nasdaq composite index rose 5.98, or 0.21 percent, to 2,811.66.Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.71 percent from 4.65 percent late Friday. The dollar was lower against most other major currencies, while gold prices rose.Light, sweet crude rose $1.33 to $85.02 per barrel -- a new high -- in premarket electronic trading on the New York Mercantile Exchange as tensions rose between Turkey and Iraq, stirring concerns about the availability of supplies.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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