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Chevron, AB Inbev buoy Wall St on earnings beats


[NEW YORK] Oil giant Chevron and beer titan AB Inbev buoyed opening trade on Wall Street Friday as they handily beat third quarter earnings forecasts.

Ten minutes into trade, the Dow Jones Industrial index was up 3.48 points (0.02 per cent) to 17,759.28.

The broad-based S&P 500 gained just 0.33 (0.02 per cent) to 2,089.74, while the tech-rich Nasdaq Composite Index added 6.63 (0.13 per cent) at 5,080.90.

Chevron gained 1.8 per cent as core earnings per share came in over analyst forecasts despite an overall 63.6 per cent plunge in earnings to US$2.04 billion due to the oil price crash.

Anheuser-Busch Inbev, poised to take over rival SAB Miller in a mega-merger, was up 2.2 per cent as it said operating profit rose by 9.6 per cent in the third quarter to US$4.4 billion.