Investing.com - U.S. stocks opened moderately higher on Tuesday, after the release of a flurry of U.S. economic data but gains were limited as Greek party leaders failed to agree on the formation of a unity government.
During early U.S. trade, the Dow Jones Industrial Average added 0.18%, the S&P 500 index rose 0.21%, while the Nasdaq Composite index advanced 0.34%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index jumped to 17.1 in May from 6.6 in April. Analysts had expected the index to rise to 8.5 in May.
The data came after the U.S. Census Bureau said that retail sales inched up 0.1% in April, disappointing expectations for a 0.2% gain and growing at the weakest pace in four months.
A separate report showed that core consumer prices rose 0.2% in April, in line with expectations, while consumer prices, including food and energy costs, were flat last month for the first time since December.
Meanwhile, Greece's president admitted defeat in his talks with party leaders to form a coalition government and said the country will hold new elections.
Financial stocks were broadly higher, led by JPMorgan, up 1.68%, as Chief Jamie Dimon faced shareholders after the bank lost billions of dollars on trading and hedging strategies gone wrong.
Goldman Sachs wasn’t far behind, with shares jumping 1.24%, while Citigroup and Bank of America climbed 1.39% and 1.22% respectively.
Groupon also added to gains, surging 16.83% after the daily-deal site reported first quarter profit of two cents per share, higher than analysts’ estimates. Its revenue of USD559 million was also above expectations of USD531 million.
On the downside, Avon Products plummeted 11.48% after Coty withdrew its USD10.7 billion takeover bid for the cosmetics company, saying Avon had missed its deadline to begin discussions.
Saks also tumbled 6.17% even after the upscale department-store chain reported higher quarterly profit and said it expects sales at stores open at least a year to rise in the mid-single digits this year.
Elsewhere in earnings, Home Depot's shares declined 3.01% although first-quarter results came in line with expectations, at 65 cents a share, higher than 50 cents a share in the year-ago quarter.
Investors were also eyeing Facebook, as it increased the price range in Silicon Valley's biggest-ever initial public offering to raise more than USD12 billion, giving the No.1 social network a valuation potentially exceeding USD100 billion.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.52%, France’s CAC 40 fell 0.18%, Germany's DAX retreated 0.51%, while Britain's FTSE 100 declined 0.31%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.5%, while markets in Japan’s Nikkei 225 Index slumped 0.8%.
During early U.S. trade, the Dow Jones Industrial Average added 0.18%, the S&P 500 index rose 0.21%, while the Nasdaq Composite index advanced 0.34%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index jumped to 17.1 in May from 6.6 in April. Analysts had expected the index to rise to 8.5 in May.
The data came after the U.S. Census Bureau said that retail sales inched up 0.1% in April, disappointing expectations for a 0.2% gain and growing at the weakest pace in four months.
A separate report showed that core consumer prices rose 0.2% in April, in line with expectations, while consumer prices, including food and energy costs, were flat last month for the first time since December.
Meanwhile, Greece's president admitted defeat in his talks with party leaders to form a coalition government and said the country will hold new elections.
Financial stocks were broadly higher, led by JPMorgan, up 1.68%, as Chief Jamie Dimon faced shareholders after the bank lost billions of dollars on trading and hedging strategies gone wrong.
Goldman Sachs wasn’t far behind, with shares jumping 1.24%, while Citigroup and Bank of America climbed 1.39% and 1.22% respectively.
Groupon also added to gains, surging 16.83% after the daily-deal site reported first quarter profit of two cents per share, higher than analysts’ estimates. Its revenue of USD559 million was also above expectations of USD531 million.
On the downside, Avon Products plummeted 11.48% after Coty withdrew its USD10.7 billion takeover bid for the cosmetics company, saying Avon had missed its deadline to begin discussions.
Saks also tumbled 6.17% even after the upscale department-store chain reported higher quarterly profit and said it expects sales at stores open at least a year to rise in the mid-single digits this year.
Elsewhere in earnings, Home Depot's shares declined 3.01% although first-quarter results came in line with expectations, at 65 cents a share, higher than 50 cents a share in the year-ago quarter.
Investors were also eyeing Facebook, as it increased the price range in Silicon Valley's biggest-ever initial public offering to raise more than USD12 billion, giving the No.1 social network a valuation potentially exceeding USD100 billion.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.52%, France’s CAC 40 fell 0.18%, Germany's DAX retreated 0.51%, while Britain's FTSE 100 declined 0.31%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.5%, while markets in Japan’s Nikkei 225 Index slumped 0.8%.