US stocks higher in opening trade after mixed earnings reports

Trader Gordon Charlop works on the floor of the New York Stock Exchange on July 18, 2012. US stocks opened higher in the first five minutes on Wednesday, July 25, 2012, as investors digested strong earnings reports from Dow members Boeing and Caterpillar and disappointing results from Apple. AP PHOTO/RICHARD DREW

NEW YORK—US stocks opened higher Wednesday as investors digested strong earnings reports from Dow members Boeing and Caterpillar and disappointing results from Apple.

In the first five minutes of trade, the Dow Jones Industrial Average of 30 blue-chip stocks points was up 95.70 points (0.76 percent) to 12,713.02.

The S&P 500-stock index advanced 4.01 points (0.30 percent) to 1,342.32 while the tech-rich Nasdaq edged up 0.54 point (0.02 percent) to 2,863.53.

“Stocks are looking to snap a three-day losing streak as investors find early optimism on positive corporate profit tallies,” said analysts at Wells Fargo Advisors.

“Europe will also remain an overhang as investors contend with concerns that Spain may need a full bailout as borrowing costs in Madrid rise to euro-era record levels.”

On Tuesday, the Dow posted its third day of triple-digit losses as Europe’s sovereign debt woes weighed, dropping 0.8 percent. The S&P 500 and the Nasdaq each fell 0.9 percent.