NEW YORK: The S&P 500 rose early Wednesday as it digested mixed earnings reports while monitoring ongoing tensions in the Middle East.
Shares of United Airlines surged around 12 percent as the US carrier released a bullish second-quarter forecast, even as it reported a loss due to a temporary grounding of some Boeing planes during the first quarter.
But Dow member Travelers sank 7.0 percent as it reported disappointing quarterly results, with catastrophe losses jumping. The insurer cited severe wind and hail storms in the eastern and central regions of the United States.
US stocks mostly lower after IMF forecast, earnings
About 30 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 37,942.21.
The broad-based S&P 500 gained 0.3 percent to 5,066.37, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 15,891.67.
Besides worries over the Israel-Iran tensions, investors have been preoccupied by shifting expectations for US monetary policy.
On Tuesday, Federal Reserve Chair Jerome Powell said reining in inflation could take “longer than expected.”
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