NEW YORK: US stocks were slightly higher early Friday as weak earnings by Alcoa offset positive momentum from leading bourses overseas.
About 35 minutes into trade, the Dow Jones Industrial Average was at 17,058.23, up 7.48 points (0.04%).
The broad-based S&P 500 added 0.16 (0.01%) at 2,013.59, while the tech-rich Nasdaq Composite Index advanced 1.09 (0.02%) to 4,811.87.
Alcoa was off 4.8% after it reported after markets closed Thursday a 70.4% drop in third-quarter earnings to US$44mil. The metals giant trimmed its outlook for key Chinese businesses.
Equity markets in Europe and Asia rose following the release of Thursday’s Federal Reserve minutes, which highlighted worries about slowing global growth. Some analysts said the minutes suggest the Fed will hold off on hiking interest rates until next year.
Youth-oriented apparel retailer Gap slumped 8.4% as September comparable sales fell 1% compared with the year-ago period.
Electric car manufacturer Tesla Motors lost 2.5% after the company was downgraded by Barclays, which cited the company’s engineering challenges and predicted a slow production ramp-up.
International Paper gained 5.7% after announcing it will sell its 55% stake in its Chinese coated-board joint venture to its Chinese partner, Shandong Sun Holding Group for about US$23mil. The transaction will also permit International Paper to remove about US$400mil in debt from its balance sheet.
Twitter continued to enjoy an upward push following news that co-founder Jack Dorsey will stay on as chief executive. Shares rose 1.9%.
Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.11% from 2.10% Thursday, while the 30-year held steady at 2.94%. Bond prices and yields move inversely. - AFP
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