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Stocks edge higher in early trading; GE jumps on earnings

American flags fly in front of the New

American flags fly in front of the New York Stock Exchange on Wall Street on Oct. 8, 2014. Credit: AP / Mark Lennihan

U.S. stocks edged mostly higher in early trading Friday, extending gains from the day before. Investors pored over the latest corporate earnings news. The price of oil rose.

KEEPING SCORE: The Dow Jones industrial average rose 19 points, or 0.1 percent, to 17,161 as of 10:07 a.m. Friday on Wall Street. The Standard & Poor's 500 index rose three points, or 0.2 percent, to 2,026. The Nasdaq composite slipped two points, or 0.1 percent, to 4,867.

SURPASSED EXPECTATIONS: Industrial conglomerate General Electric reported a decline in third-quarter profit, but strong performances from its core units helped the company top Wall Street expectations.

The stock added 43 cents, or 1.6 percent, to $28.47.

CRIMPED CASINO: Wynn Resorts slumped 4 percent after the casino operator said new gambling regulations in Macau continued to hurt its business. The stock fell $2.75 to $70.75.

ONLINE VIDEO PLAY: Shares in Alibaba rose 2 percent on news that the e-commerce giant has offered to buy up the rest of Chinese video streaming site Youku Tudou in a $3.6 billion deal. Alibaba gained $1.38 to $73.17.

MANUFACTURING REPORT: The Federal Reserve said that U.S. manufacturing production fell for the second straight month in September as factories cranked out fewer appliances, computers, and electronics. The decline suggests that a strong dollar, weak overseas economies, and cautious U.S. consumers are holding back factory output.

MARKETS OVERSEAS: In Europe, the FTSE 100 index of leading British shares was up 0.6 percent, while Germany's DAX rose 0.2 percent. France's CAC 40 gained 0.4 percent. In Asia, South Korea's Kospi inched down 0.1 percent, while Hong Kong's Hang Seng rose 0.8 percent. The Shanghai Composite in mainland China was up 1.6 percent. Japan's benchmark Nikkei 225 added 1.1 percent, aided by expectations that the country's central bank will come up with more stimulus measures this month or next.

ENERGY: Benchmark U.S. crude added 43 cents to $46.81 in New York. Brent crude, used to price international oils, rose 14 cents to $49.88.

BONDS AND CURRENCIES: U.S. government bond prices didn't move much. The yield on the 10-year Treasury note held steady at 2.02 percent. The euro was little changed at $1.1367 while the dollar edged up to 119.19 yen.


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