A horrible housing report couldn’t hold stocks down at the open. The Dow rose 57 points, while the S&P and Nasdaq added 0.8% and 0.7% respectively, as investors digested a host of mixed earnings reports. Texas Instruments rose 4.4% after it announced a $107 million profit dip and 3,400 layoffs, while American Express jumped 8% after reporting a 79% drop in profits.
“The market is being driven by earnings results, which at least are giving an idea about outlooks,” said one fund manager. “Industries with visibility or companies that confirm their outlooks are benefiting the most.” The gains also follow a big 4.9% rise for Tokyo’s Nikkei. European indexes, however, were lower in afternoon trading.