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US: Stocks move up in early trade

Wednesday, October 22, 2014 - 22:44
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- PHOTO: REUTERS

[NEW YORK] Wall Street stocks on Wednesday moved higher in early trade following generally solid earnings results from Boeing, Yahoo and others.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 16,633.34, up 18.53 points.

The broad-based S&P 500 added 4.34 at 1,945.62, while the tech-rich Nasdaq Composite Index rose 8.43 to 4,427.91.

Dow member Boeing fell 1.4 percent despite raising its 2014 full-year profit forecast following a 17.6 percent jump in third-quarter profit to $1.36 billion behind strong commercial aircraft deliveries.

Yahoo leaped 5.7 per cent as third-quarter net profit surged to $6.8 billion behind its divestment of shares in Chinese Internet commerce company Alibaba, which netted US$6.3 billion.

Dow Chemical advanced 2.2 percent as third-quarter earnings rose 43 percent to US$852 million, besting analyst estimates.

But cloud computing company VMware slumped 5.9 per cent on concerns about its outlook after the company offered no forecast for 2015.

AFP