US: Stocks rise on solid earnings from DuPont, Pfizer

[NEW YORK] US stocks opened higher on Tuesday following solid earnings reports from Dow members DuPont and Pfizer.

Five minutes into trade, the Dow Jones Industrial Average stood at 16,900.65, up 82.71 points (0.49 per cent).

The broad-based S&P 500 gained 9.78 (0.50 per cent) to 1,971.41, while the tech-rich Nasdaq Composite Index rose 27.47 (0.61 per cent) to 4,513.40.

Chemical company DuPont rose 1.4 per cent as third-quarter earnings jumped more than 50 per cent to US$433 million.

Pharmaceutical giant Pfizer advanced 0.5 per cent as earnings came in at US$2.7 billion, up 2.9 per cent from the prior year. Stronger sales in vaccines and some other products offset the negative hit from patent expirations on other medications.

Investors are keeping their eyes on the Federal Reserve's two day policy meeting which opens on Tuesday. The Fed is expected to end its bond-buying program and could possibly offer some fresh guidance on plans to raise benchmark interest rates in 2015.

AFP