Stocks open higher, lifted by upbeat earnings

Stocks opened higher Wednesday, taking back a chunk of the previous day’s decline, as investors cheered upbeat earnings as fourth-quarter corporate results continue to roll in. The S&P 500 SPX, +0.15% rose 0.5% to 2,645.39, while the Dow Jones Industrial Average DJIA, +0.50% advanced 222 points, or 0.9%, to 24,626. The Nasdaq Composite gained 38 points, or 0.5%, to 7,058. International Business Machines IBM, +7.73% led Dow gainers, jumping 6.5% after its earnings and outlook topped expectations. Dow components Procter & Gamble Co.PG, +4.90% , up 6.4%, and United TechnologiesUTX, +4.65% up 6.1%, were also on the rise after earnings.

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