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Markets & Stocks
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Stocks gain at open
Major indexes bounce after Monday's slide, following a slew of strong earnings.
April 27, 2004: 9:46 AM EDT

NEW YORK (CNN/Money) - A batch of higher-than-expected earnings brought out the bulls early Tuesday, with investors dipping back into stocks after Monday's decline.

After 10 minutes of trading, the Dow Jones industrial average (up 29.00 to 10473.76, Charts), the Standard & Poor's 500 (up 4.10 to 1139.68, Charts) index and the Nasdaq composite (up 4.70 to 2041.47, Charts) all gained around 0.3 percent.

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Stock markets dipped Monday as the debate between optimism about a recovery and worries about interest rates swayed to the side of interest rates. But optimism about an economic and corporate profit recovery won out early Tuesday, with investors responding to the morning's strong quarterly earnings reports.

Among the session's movers:

Dow component DuPont (DD: unchanged at $44.99, Research, Estimates) posted earnings of 96 cents per share, up substantially from a year earlier and a penny more than what analysts were expecting.

Defense contractor Lockheed Martin (LMT: unchanged at $46.50, Research, Estimates) reported earnings that rose from a year earlier and topped expectations and also raised its 2004 outlook.

New Dow component Verizon Communications (VZ: unchanged at $37.74, Research, Estimates) said it earned 58 cents per share in the last quarter, down from a year earlier, but a penny higher than what analysts were expecting.

Tuesday's earnings seemed to confirm what market participants already knew -- that earnings in the first quarter were stellar. (For a look at this week's key earnings reports, click here.)

A pair of economic reports are due after the start of trading. Existing home sales are expected to have risen to a 6.20 million unit annual rate in March, from a 6.12 million unit annual rate in February, showing continued strength, as did the new home sales report on Monday. The consumer confidence index for April is expected to have risen to 88.5 from 88.3 in March.

Among commodities markets, Brent crude oil prices rose 40 cents to $33.98 a barrel in London after the president of OPEC and others discussed raising the target crude oil price. COMEX gold added $1.20 to $397.80 an ounce.

Treasury prices edged higher, pushing the 10-year note's yield down to 4.41 percent from 4.43 late Monday. The dollar gained against the yen and was flat versus the euro.

In international trading, Asian markets closed mixed, while European markets were mostly lower at midday there.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.