US stocks open higher on oil rebound

GMT 00:10 2016 Wednesday ,13 April

Arab Today, arab today US stocks open higher on oil rebound

US stocks
New York - XINHUA

Helped by gains in oil prices, U.S. stocks opened higher on Tuesday, as investors awaited JP Morgan Chase to officially kick off earnings season this quarter.

U.S. crude oil futures traded 0.22 percent higher near 40.45 U.S. dollars a barrel in the Tuesday morning trading, after earlier hitting 40.91 dollars, its highest since March 23.

Traders are watching closely for big bank earnings this week, starting with JPMorgan Chase & Co on Wednesday.

Analysts expect quarterly profit growth would be low amid the sluggish world economy, a strong dollar and declining commodity prices.

According to Thomson Reuters, the blended earnings of the S&P 500 companies in the first quarter of 2016 are expected to decline 7.7 percent year on year, while revenue is forecast to decrease 1.3 percent.

There is no major economic data due out on Tuesday.

Shortly after the opening bell, the Dow Jones Industrial Average gained 46.78 points, or 0.27 percent, to 17,603.19. The S&P 500 rose 4.41 points, or 0.22 percent, to 2,046.40. The Nasdaq Composite Index edged up 2.10 points, or 0.04 percent, to 4,835.50.

U.S. stocks reversed early gains to end mildly lower Monday, as big U.S. companies are reporting their quarterly results this week.

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