US stocks open up amid deluge of mixed earnings reports

Coronavirus Lockdown: US stocks open up amid deluge of mixed earnings reports

Wall Street stocks jumped early Tuesday, extending April's upward trend after mixed earnings from a wide range of large companies.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 24,445.95, up 1.3 percent, putting it on track for a fifth straight increase.

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The broad-based S&P 500 also gained 1.3 percent to 2,915.41, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 8,794.16.

After a brutal March, stocks have risen most of April as investors bet that the coronavirus outbreak has stabilized and anticipate a lift from unprecedented fiscal and monetary stimulus enacted in the wake of economic shutdowns to combat the ailment.

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Earnings from a slew of large companies were mixed.

3M reported higher profits following a surge in demand for its N95 "respirator" masks, while Caterpillar reported a drop in profits on a weak outlook for commodities and warned that second-quarter results would suffer further.

Pfizer confirmed its full-year forecast, saying increased consumer purchases of medications offset the hit from the cessation of non-essential surgical procedures. PepsiCo withdrew its full-year forecast, citing uncertainties in the global economy.