U.S. stocks edge higher in early trading
NEW YORK - U.S. stocks opened slightly higher on Wall Street a day after the Dow Jones industrial average closed above 20,000 for the first time.
Energy stocks rose more than the rest of the market early Thursday as the price of oil gained 2 percent.
It’s a big day for company earnings. Among those reporting solid results, paint maker Sherwin-Williams jumped 6 percent after reporting earnings and revenue that easily beat analysts’ forecasts.
Mattel sank 13 percent after reporting a big slowdown of toy sales over the holidays.
The Dow rose 27 points, or 0.1 percent, to 20,096. The Standard & Poor’s 500 index rose 1 point to 2,299. The Nasdaq composite rose 12 points, or 0.2 percent, to 5,668. The Dow closed above the 20,000 milestone for the first time Wednesday, ending the day at 20,068.
The blue-chip index, which is up nearly 10 percent since the Nov. 8 U.S. presidential election, has surged into record territory as investors bet that President Trump’s proposed fiscal stimulus and reduction in business regulations will boost economic growth. Strong growth is also expected to bolster corporate profits, analysts say.
Biogen rose 4.1 percent after the company reported a bigger profit than expected, which bought it back to around breakeven this year. The stock added $11.26 to $284.50.
PulteGroup gained 5 percent after the homebuilder reported that quarterly earnings and sales beat Wall Street’s estimates. The stock was up $1.02 to $21.47.
Mattel sank 13.4 percent after the toymaker reported a big slowdown in sales over the holidays. The stock was the biggest decliner in the S&P 500, sliding $4.23 to $27.33.