Stocks edge higher as earnings season starts well

AP News
Posted: Apr 09, 2013 9:47 AM
Stocks edge higher as earnings season starts well

NEW YORK (AP) — Stocks are opening higher on Wall Street after first-quarter corporate earnings reports started off on a strong note.

Aluminum maker Alcoa reported earnings late Monday that came in ahead of analysts' forecasts. The stock rose half a percent in early trading Tuesday.

Shortly after the opening bell the Dow Jones industrial average was up 10 points, or 0.1 percent, at 14,623.

The Standard & Poor's 500 index was up less than a point at 1,563. The Nasdaq composite rose five points, 0.2 percent, to 3,227.

Alcoa beat Wall Street's earnings forecasts thanks to strong demand from plane and auto builders. The company is forecasting a 7 percent increase in aluminum demand.

J.C. Penney plunged 9 percent to $14.45 after ousting its CEO Ron Johnson late Monday.