U.S. stocks opened higher on Tuesday as investors pored through a slew of earnings reports.
Shortly after the opening bell, the Dow Jones Industrial Average rose 183.48 points, or 0.69 percent, to 26,864.35. The S&P 500 advanced 18.82 points, or 0.58 percent, to 3,270.66. The Nasdaq Composite Index climbed 69.31 points, or 0.64 percent, to 10,836.41.
All the 11 primary S&P 500 sectors traded higher, with energy and industrials up 2.5 percent and 1.3 percent, respectively, in morning trading, outpacing the rest.
U.S. beverage giant Coca-Cola on Tuesday said that its comparable earnings per share declined 33 percent to 42 cents in the second quarter and its revenue also fell noticeably. Yet, the company expressed optimism on demand improvement as global lockdown eases. The stock was up more than 3 percent in morning session.
IBM shares gained 3 percent after the company reported a better-than-anticipated second-quarter profit.
Earnings season kicked off last week with U.S. bank giants reporting mixed results.
The estimated earnings decline for the S&P 500 is 43.8 percent for the second quarter, according to data from FactSet as of early July. Enditem