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Strong earnings reports send US stocks higher

7:59 AM, Aug 7, 2012   |    comments
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PALLAVI GOGOI
AP Business Writer

NEW YORK (AP) - Stocks are trading higher on Wall Street as investors turn their focus to U.S. corporations that are reporting healthier results than analysts had expected.

The Dow Jones industrial average gained 48 points to 13,166 shortly after the opening bell on Tuesday.

The broader S&P 500 index rose 8 points to 1,402. It was the first time the index traded above 1,400 since May 3.

The Nasdaq composite index rose 15 points to 3,006.

Of the 407 companies in S&P 500 that have reported earnings through Monday, 65 percent beat Wall Street expectations, according to S&P Capital IQ. More than 40 percent have reported double-digit growth.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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