US stocks opened higher today, buoyed by earnings reports from consumer bellwethers like Target while gains in commodities and the euro indicated more willingness to add to risky assets.
The Dow Jones industrial average was up 21.04 points, or 0.18 per cent, at 11,426.97. The Standard & Poor's 500 Index was up 4.04 points, or 0.34 per cent, at 1,196.80. The Nasdaq Composite Index was up 4.71 points, or 0.19 per cent, at 2,528.16.
"We've seen some household names put out better earnings numbers this morning, and that's extremely constructive," said Art Hogan, managing director of Lazard Capital Markets in New York.
The FTSEurofirst 300 index of leading European shares shook off earlier losses to trade near break even, even as financial shares fell after German chancellor Angela Merkel and French president Nicolas Sarkozy declared any thoughts of common euro bond issuance would have to wait.
"There was a consensus agreement that we'd like to move closer to a euro bond," said Mr Hogan. "But falling short of that you've got a very strong signal from Germany that they're going to do whatever it takes, and that's bleeding into the strength of the euro and as that happens we see a commodities rally".
The euro rose 0.6 per cent against the US dollar, while US crude futures advanced 1.8 per cent. Gold held steady near a record high.
Weighing on Nasdaq futures, Dell shares fell 7 per cent to $14.70 in premarket trading a day after the computer company's quarterly revenues came in below estimates and it said current-quarter sales would be flat.
US stocks fell yesterday after three days of gains, partly on disappointment about the outcome of the Sarkozy-Merkel meeting.
Reuters
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