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.
Dow Jones Industrial Average
was gaining 168 points to 9488, and the
was up 18 points to 984. The
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
(MA - Get Report)
took a net loss on charges related to its settlement of a legal scuffle with
Discover Financial Services
(DFS - Get Report)
. Excluding the charge, however, MasterCard's earnings trumped the Street's forecasts.
(APC - Get Report)
reported that third-quarter profit climbed year over year and beat analyst estimates.
Farm products maker
Archer Daniels Midland
reported profit that more than doubled year over year.
announced Tuesday that its October same-store sales climbed 2% year over year.
(VIA - Get Report)
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
is mulling taking equity positions in financial companies beyond banks and insurers. According to the report in the
(GE - Get Report)
GE Capital segment and
(CIT - Get Report)
are among businesses that may become eligible.
Elsewhere in the financials, Swiss bank
(UBS - Get Report)
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
declared bankruptcy. Overnight Libor fell one basis point to 0.38%.