Investing.com – Wall Street opened higher on Tuesday as upbeat earnings from financial companies boosted investor confidence.
The S&P 500 rose 19 points or 0.70% to 2,770.08 as of 9:37 AM ET (13:37 GMT), while the Dow increased 196 points, or 0.78%, to 25,447.51 and the tech-heavy Nasdaq Composite was up 72 points, or 0.98% to 7,503.52.
A flurry of better-than-expected earnings results from major financial institutions bolstered the market. Morgan Stanley (NYSE:MS) rose 4.10% after its earnings came in better than expected, while Goldman Sachs (NYSE:GS) increased 1.57% after it beat expectations.
BlackRock (NYSE:BLK) fell 4.90% despite reporting better-than-expected results as it reported the lowest intake of new funds in two years.
In other earnings news, UnitedHealth (NYSE:UNH) was up 4.3% after it raised its full-year earnings outlook after its earnings beat, while Walmart (NYSE:WMT) inched up 0.82% despite cutting its full-year earnings guidance.
Netflix (NASDAQ:NFLX) and IBM (NYSE:IBM) are expected to report earnings after the bell. Netflix rose 1.32%, while IBM increased 1.13%.
Elsewhere, Adobe (NASDAQ:ADBE) jumped 6.25% after the company forecast a 20% increase in 2019 revenue and a 25% rise in its digital experience subscriptions as part of its growth strategy. Tesla (NASDAQ:TSLA) gained 4.2% and Citigroup (NYSE:C) rose 0.61%.
In commodities, gold futures increased 0.36% to $1,234.70 a troy ounce, while crude oil futures fell 0.70% to $71.28 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, decreased 0.22% to 94.56.