U.S. stocks opened higher on Wednesday, with the Dow breaking the 20,000 milestone and investors eyeing a batch of corporate earnings reports.

Shortly after the opening bell, the Dow Jones Industrial Average rallied 115.82 points, or 0.58 percent, to 20,028.53. The S&P 500 rose 10.23 points, or 0.45 percent, to 2,290.30. The Nasdaq Composite Index gained 35.48 points, or 0.63 percent, to 5,636.43.

Shares of Boeing rose over 2 percent in the early trading after the company posted better-than-expected quarterly results.

The Boeing Company announced fourth-quarter revenue of 23.3 billion U.S. dollars, with GAAP earnings per share of 2.59 dollars and core earnings per share (non-GAAP) of 2.47 dollars reflecting overall solid execution on production programs and services.

United Technologies also posted quarterly profit and revenue that beat Wall Street expectations.

AT&T, eBay and Qualcomm are due to report quarterly earnings after Wednesday’s closing bell.

The latest data from Thomson Reuters showed that the S&P 500 companies’ blended earnings in the fourth quarter of 2016 are expected to rise 6.7 percent year on year, while the revenues are forecast to increase 4.1 percent.

Meanwhile, some analysts said U.S. President Donald Trump’s new executive orders also boosted bullish sentiment on Wall Street.

U.S. stocks posted solid gains after Trump won the presidential election as investors bet that he would pursue massive corporate tax cuts, deregulation, and infrastructure spending.

Dow closed above 19,000 for the first time ever on Nov. 22 and has increased about 9 percent since Election Day. Enditem

Source: Xinhua/NewsGhana.com.gh

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