Updated from 9:13 a.m. EST
Stocks in New York were climbing at the open Tuesday, as traders heard some encouraging quarterly earnings reports and the polls opened for the U.S. presidential election.
The Dow Jones Industrial Average was gaining 168 points to 9488, and the S&P 500 was up 18 points to 984. The Nasdaq was tacking on 27 points to 1753.
A series of solid corporate earnings results were bolstering investor enthusiasm. Following Monday's close, credit-card company MasterCard (MA) took a net loss on charges related to its settlement of a legal scuffle with Discover Financial Services (DFS). Excluding the charge, however, MasterCard's earnings trumped the Street's forecasts.Energy company Anadarko Petroleum (APC) reported that third-quarter profit climbed year over year and beat analyst estimates. Farm products maker Archer Daniels Midland (ADM) reported profit that more than doubled year over year. Pharmacy operator Walgreen (WAG) announced Tuesday that its October same-store sales climbed 2% year over year. Media firm Viacom (VIA) wasn't so fortunate, as its earnings dropped 37% year over year. Ahead of the new day's trading, The Wall Street Journal reported that the Treasury Department is mulling taking equity positions in financial companies beyond banks and insurers. According to the report in the Journal, General Electric's (GE) GE Capital segment and CIT Group (CIT) are among businesses that may become eligible. Elsewhere in the financials, Swiss bank UBS (UBS) announced it swung to a profit for the third quarter. The profitable quarter follows four straight earnings periods marked by losses on writedowns tied to mortgage securities. Credit markets were continuing to improve. Three-month dollar Libor declined 15 basis points to 2.71%, its lowest level since Lehman Brothers declared bankruptcy. Overnight Libor fell one basis point to 0.38%.
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