WASHINGTON, D.C. (AP) — U.S. stocks moved slightly higher in morning trading Wednesday after several big companies including General Motors delivered better earnings than Wall Street was expecting. The market also got a lift from the latest deal news.
KEEPING SCORE: The Dow Jones industrial average rose 36 points, or 0.2 percent, to 17,253 as of 10 a.m. Eastern time. The Standard & Poor’s 500 index added three points, or 0.2 percent, to 2,034. The Nasdaq gained 13 points, or 0.3 percent, to 4,894.
IN GEAR: General Motors jumped 4 percent after the automaker delivered better-than-expected earnings and revenue for the third quarter. Strong North American sales helped GM overcome $1.5 billion in costs from its deadly ignition switch recall. The stock gained $1.33 to $34.81.
UNAPPETIZING RESULTS: Chipotle Mexican Grill tumbled 6.6 percent after the restaurant chain’s latest quarterly results fell short of Wall Street expectations. Chipotle’s shares slid $46.34 to $659.29.
IT’S A DEAL: KLA-Tencor shares vaulted 23.4 percent on news the semiconductor company is being acquired by Lam Research for about $10.6 billion. KLA-Tencor rose $12.59 to $66.45. Shares in Lam Research gained $4.54, or 6.5 percent, to $74.54.
MARKETS OVERSEAS: In Europe, Germany’s DAX was up 1 percent, while the CAC-40 in France rose 0.6 percent. The FTSE 100 index of leading British shares was 0.3 percent higher. In China, the Shanghai Composite Index took a hit from selling of heavy industrials. The Shanghai benchmark fell 3.1 percent. Japan’s Nikkei 225 gained 1.9 percent and South Korea’s Kospi was up 0.2 percent. Hong Kong’s market was closed for a public holiday.
ENERGY: Benchmark U.S. crude fell $1.17 to $45.13 a barrel in New York. Brent crude, used to price international oils, fell 94 cents to $47.78 a barrel in London.
BONDS AND CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.03 percent from 2.07 percent the day before. The euro fell to $1.1344 while the dollar rose to 119.94 yen.