Strong company earnings, oil recovery send stocks higher

AP News
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Posted: Feb 03, 2016 9:41 AM
Strong company earnings, oil recovery send stocks higher

NEW YORK (AP) — Stocks are gaining ground in early trading as investors were encouraged by some strong company earnings reports and a pickup in the price of crude oil.

Comcast jumped 3 percent after reporting its best year for traditional cable TV services in almost a decade.

Electrical systems manufacturer Eaton Corp. surged 4 percent after reporting earnings that came in ahead of forecasts.

The price of oil turned higher after a two-day slump.

The Dow Jones industrial average increased 76 points, or 0.5 percent, to 16,231 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index climbed six points, or 0.3 percent, to 1,909. The Nasdaq composite rose 10 points, or 0.2 percent, to 4,526.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.87 percent.