Investing.com – U.S. stocks were higher after the open on Wednesday, as strong corporate earnings reports overshadowed worse-than-expected U.S. data on consumer prices, building permits and housing starts.
During early U.S. trade, the Dow Jones Industrial Average gained 0.07%; the S&P 500 index added 0.32%, while the Nasdaq Composite index climbed 0.46%.
In earnings news, shares in the second-largest U.S. discount retailer Target soared 3.62% after it said third quarter profit jumped by 23% to USD 535 million, as revenue in the quarter rose by 3%. The retailer also lifted its full-year earnings outlook as sales were expected to increase during the upcoming holiday season.
Meanwhile, shares in the third-largest U.S. wholesale club operator BJ’s Wholesale Club jumped 2.66% after it said its third quarter profit rose to USD 23 million, up from USD 17.4 million a year earlier, as sales in the quarter increased by 5%.
Elsewhere, U.S. listed shares of the world’s third-largest pharmaceutical company GlaxoSmithKline added 2.39% after the U.S. Federal Drug Administration recommended approval of its Benlysta drug for the treatment of lupus.
But gains were limited as shares in the financial sector underperformed after the Federal Deposit Insurance Corporation said it was conducting an investigation of the foreclosure practices of many of the major U.S. banks.
Shares in global financial service provider Citigroup tumbled 1.01%, JP Morgan-Chase saw shares fall 0.95%, while rivals Bank of America saw shares drop 0.65%.
Across the Atlantic, European stock markets were up: the EURO STOXX 50 gained 0.78%, France’s CAC 40 rose 0.77%, Germany's DAX was up 0.50%, while the FTSE 100 climbed 0.24%.
Earlier in the day, official U.S. data showed that core consumer price inflation, which excludes food and energy costs was unexpectedly flat in October while CPI rose less-than-expected.
Meanwhile, a separate report showed that building permits rose less-than-expected in October while housing starts fell more-than-expected.
During early U.S. trade, the Dow Jones Industrial Average gained 0.07%; the S&P 500 index added 0.32%, while the Nasdaq Composite index climbed 0.46%.
In earnings news, shares in the second-largest U.S. discount retailer Target soared 3.62% after it said third quarter profit jumped by 23% to USD 535 million, as revenue in the quarter rose by 3%. The retailer also lifted its full-year earnings outlook as sales were expected to increase during the upcoming holiday season.
Meanwhile, shares in the third-largest U.S. wholesale club operator BJ’s Wholesale Club jumped 2.66% after it said its third quarter profit rose to USD 23 million, up from USD 17.4 million a year earlier, as sales in the quarter increased by 5%.
Elsewhere, U.S. listed shares of the world’s third-largest pharmaceutical company GlaxoSmithKline added 2.39% after the U.S. Federal Drug Administration recommended approval of its Benlysta drug for the treatment of lupus.
But gains were limited as shares in the financial sector underperformed after the Federal Deposit Insurance Corporation said it was conducting an investigation of the foreclosure practices of many of the major U.S. banks.
Shares in global financial service provider Citigroup tumbled 1.01%, JP Morgan-Chase saw shares fall 0.95%, while rivals Bank of America saw shares drop 0.65%.
Across the Atlantic, European stock markets were up: the EURO STOXX 50 gained 0.78%, France’s CAC 40 rose 0.77%, Germany's DAX was up 0.50%, while the FTSE 100 climbed 0.24%.
Earlier in the day, official U.S. data showed that core consumer price inflation, which excludes food and energy costs was unexpectedly flat in October while CPI rose less-than-expected.
Meanwhile, a separate report showed that building permits rose less-than-expected in October while housing starts fell more-than-expected.