BUSINESS US stocks open mixed amid earnings

BUSINESS

US stocks open mixed amid earnings

Xinhua

23:43, January 31, 2019

NEW YORK, Jan. 31 (Xinhua) -- US stocks opened mixed on Thursday as investors digested corporate earnings reports as well as central bank's latest rate decision.

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File photos: VCG

Shortly after the opening bell, the Dow Jones Industrial Average erased 110.31 points, or 0.44 percent, to 24,904.55. The S&P 500 was up 0.97 points, or 0.04 percent, to 2,682.02. The Nasdaq Composite Index increased 33.07 points, or 0.46 percent, to 7,216.15.

General Electric reported mixed quarterly earnings with revenue beating Wall Street estimates and earnings falling short of forecast.

It reported adjusted earnings per share of $0.17 on revenue of $33.28 billion.

The company shares surged 9.45 percent to trade at $9.96 apiece in early trading.

Facebook posted earnings per share of $2.38 on revenue of $16.91 billion, topping Wall Street estimates.

The website registered daily active users of 1.52 billion on average for December 2018, an increase of 9 percent year-over-year. Its monthly active users were 2.32 billion as of December 2018, also an increase of 9 percent year-over-year.

On Wednesday, the Federal Reserve left benchmark interest rates unchanged and said it will be patient about rate hikes moving forward. Stocks surged after the announcement of Fed decision.  

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