Stocks rose at today's open as bullish calls on financial giant Citigroup and computer maker Hewlett-Packard stoked investor enthusiasm after a three-week winning streak on Wall Street.
The blue-chip Dow Jones Industrial average added 57 points, or 0.68 per cent, to 8,501. The broad Standard & Poor's 500 rose 7 points, or 0.89 per cent, to 905.
The technology-loaded Nasdaq Composite index jumped 12 points, or 0.96 per cent, to 1,343.
Lehman Brothers hiked its investment rating on Dow component Citigroup to "overweight" from "equal weight," saying that a "double dip" in the economy appears less likely. The investment bank also raised its view on large-cap banks to "neutral" from "negative." Citigroup rose $1, or almost 3 percent, to $36.70.
Lehman also boosted its investment opinion on computer and printer maker Hewlett-Packard, another Dow component, saying the fourth-quarter looks solid with printing showing higher than expected revenue growth and margins. Hewlett-Packard was not yet open for trading.
Stocks have rallied for three straight weeks as surprisingly strong corporate earnings lift sentiment. So far, 358 Standard & Poor's 500 companies have posted quarterly results.
Fifty-nine percent have topped Wall Street's lowered estimates, while about 14 per cent have missed forecasts, according to market research firm Thomson First Call.
