United States stocks open higher after earnings reports


US manufacturing company 3M on Thursday also reported earnings and revenue that beat market expectations.

AbbVie's (ABBV.N) shares jumped 13.77 percent after the drugmaker significantly boosted its 2018 earnings forecast with help from USA tax reform and said it hopes to accelerate dividend growth and share buybacks.

U.S. Treasury prices ended mostly higher, with the benchmark 10-year yield sliding 3 bps to 2.62% and the two-year yield finishing flat at 2.08%.

The U.S. currency.DXY erased losses against a basket of major currencies after Trump told CNBC in an interview in Davos, Switzerland, that he wants to see a strong dollar.

Intel's (O:) shares jumped more than 9 percent to their highest in nearly two decades, after strong results offered the clearest sign yet that its years-long effort to shift away from a slowing PC business was paying off.

"I was surprised at the headline numbers", said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

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"Thus far corporate earnings have been strong enough to keep momentum building, with the few high profile disappointments coming from franchises that had already been suffering from self-inflicted wounds for a number of quarters", Michael Shaoul, chairman and CEO of Marketfield Asset Management. But the market's relentless rise over the past year has some investors anxious about a correction.

As of Thursday, 77 per cent of the S&P 500 companies that had reported surpassed earnings expectations, while 79 per cent of those companies had beaten sales estimates, according to USA financial information company FactSet.

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on January 17, 2018 in New York.

"It's non-stop positive reinforcement that keeps pushing the market up", said Frank Davis, director of sales and trading at LEK Securities in NY.

The S&P 500 increased 8.52 points, or 0.30 per cent, to 2,846.06. Earlier, it gained as much as 0.39 percent. The Nasdaq Composite () was up 47.80 points, or 0.64 percent, at 7,458.96. Its bottom line was hurt by rising commodity costs and unfavorable currency exchange rates, and Ford said it expected more pain to come from higher raw material prices in 2018. Starbucks (SBUX.O) fell 3.6 percent in extended trade following its report.

Volume on USA exchanges was 6.58 billion shares, compared to the 6.81 billion average for the full session over the last 20 trading days.