US stocks open higher as investors assess earnings; Coke gains as profit beats expectations

Markets Associated Press

U.S. stocks opened higher Tuesday as investors assessed the latest company earnings. Coca-Cola rose after the company reported a better-than-expected quarterly profit. Martin Marietta Materials, a seller of granite, limestone, sand and gravel, also surged after reporting good earnings.

Continue Reading Below

KEEPING SCORE: The Standard & Poor's 500 index rose six points, or 0.3 percent, to 2,053, as of 9:56 a.m. Eastern. The Dow Jones industrial average gained 57 points, or 0.3 percent, to 17,786. The Nasdaq composite rose 23 points, or 0.5 percent, to 4,749.

PRICIER COLA: Coca-Cola rose $1.53, or 3.7 percent, to $42.76 after the company reported a better-than-expected quarterly profit on Tuesday as it trimmed costs and fetched higher prices for its drinks in North America. The world's biggest beverage maker has been struggling to boost global sales volume amid economic volatility overseas and a shift away from soda back at home.

BUILDING BLOCKS: Martin Marietta Materials was the biggest gainer in the S&P 500 after the company reported earnings that exceeded the expectations of Wall Street analysts. The company also said its board had authorized a new stock buyback program, allowing it to repurchase as much as 20 million of its own shares. The company's stock jumped $14.82, or 12 percent, to $133.

EUROPE'S DAY: France's CAC-40 rose 1.2 percent to 4,706 and Germany's DAX rose 0.9 percent to 10,761. Britain's FTSE 100 shed 0.1 percent to 6,830.

ENERGY: Benchmark U.S. crude was down $1.03 to $51.85 per barrel in electronic trading on the New York Mercantile Exchange. The drop on Monday came as the International Energy Agency said it expected a recovery in the price of oil, but not back to the levels above $100 a barrel seen in recent years.

Continue Reading Below

BONDS AND CURRENCIES: In government bond trading, prices were little changed. The yield on the benchmark Treasury note was unchanged from Monday at 1.98 percent.

The dollar strengthened to 119.05 yen from Monday's 118.58 yen. The euro declined to $1.1306 from $1.1330.

___

McDonald reported from Beijing.