Summary Citigroup rose 1.3 percent as third-quarter earnings came in at $1.15 per share.
NEW YORK (AFP) - US stocks rose in early trade Tuesday, rallying from Monday s sharp losses following generally solid earnings reports from big banks and Johnson & Johnson.
About 45 minutes into trade, the Dow Jones Industrial Average stood at 16,394.28, up 73.21 points (0.45 percent).
The broad-based S&P 500 advanced 9.75 (0.52 percent) to 1,884.89, while the tech-rich Nasdaq Composite Index gained 30.11 (0.71 percent) at 4,243.77.
Briefing.com analyst Patrick O Hare said that the trade was likely benefiting from "a budding sense that the stock market is oversold on a short-term basis and due for a rebound of some kind."
Dow member JPMorgan Chase dropped 1.0 percent as third-quarter earnings of $1.36 per share missed analyst expectations by two cents. The company s earnings of $5.6 billion came after a rare $380 million loss in the year-ago period, when the company had a huge legal charge.
Citigroup rose 1.3 percent as third-quarter earnings came in at $1.15 per share, three cents above analyst estimates following a nearly 10 percent rise in revenues. The company is ending consumer banking in 11 markets, including Japan.
Wells Fargo, another giant bank, reported a 2.0 percent rise in earnings to $5.4 billion in results that met expectations. Shares fell 1.5 percent.
Dow member Johnson & Johnson fell 2.0 percent despite the healthcare-products firm s third-quarter earnings of $1.66 per share, well above the $1.44 projected by analysts.
Bond prices rose a day after the bond market s holiday closure. The yield on the 10-year US Treasury dropped to 2.29 percent from 2.31 percent Friday, while the 30-year fell to 2.98 percent from 3.04 percent. Bond prices and yields move inversely.
