BUSINESS
US stocks gain on mostly solid earnings
AFP
22:40, October 19, 2021

Wall Street stocks advanced early Tuesday, extending a positive stretch following generally solid earnings despite lackluster housing starts data.

A heavy week of earnings results accelerated with good reports from Dow members Travelers and Procter & Gamble, even as the latter said higher commodity and transportation costs hit profit margins.

"We have a market settled in, looking at the earnings results," said Art Hogan, chief strategist at National Securities. "Last week was all about the banks. This week is a broader spectrum of reporters and so far, so good."

About 20 minutes into trading the Dow Jones Industrial Average was up 0.2 percent at 35,337.66.

The broad-based S&P 500 gained 0.4 percent to 4,502.16, and the tech-rich Nasdaq Composite Index also climbed 0.4 percent to 15,088.21.

While earnings took center stage, US government data showed home construction slowed in September on a sharp drop off in building of apartments.

Housing projects started last month fell 1.6 percent compared to August to an annual rate of 1.55 million units, seasonally adjusted, the Commerce Department reported.