Stocks edge higher in early trading; GE jumps on earnings

EARNINGS WATCH: Investors are also focusing on third-quarter earnings. The Nasdaq composite added one point, or 0.04 percent, to 4,871. Citigroup climbed $1.08, or 2 percent, to $51.72 after it reported that its earnings jumped in the third quarter as the bank continued to cut expenses and clean up its books in the wake of the financial crisis. Halliburton shed $1.84, or 4.7 percent, to $37.42, while Baker Hughes fell $2.66, or 4.7 percent, to $53.53. The Shanghai Composite Index was up 1.4 percent at 3,308.24.

WALL STREET: The Standard & Poor’s 500 index rose 29.62 points, or 1.5 percent, to 2,023.86.

THE QUOTE: “People just want to get a few comfort that the recovery in the developed markets is still intact”, said David Lefkowitz, an executive director and equity strategist at UBS.

First Data, an electronic payment company based in Atlanta, raised $2.6 billion in an initial public offering, making it the biggest listed IPO of the year so far, according to data provider Dealogic. “But excluding the energy sector, we’re looking for 6 percent growth, which is consistent with what we saw earlier this year”.

Wholesale gasoline rose 2.1 cents to close at $1.328 a gallon, while heating oil rose 1 cent to close at $1.497 a gallon. That suggests employers remain confident enough in the economy to hold onto their staffs. However, a Fed survey on Wednesday showed that USA manufacturing is struggling, in part due to the strength of the dollar.

OVERSEAS: In Europe, the FTSE 100 index of leading British shares was up 0.6 percent, while Germany’s DAX rose 0.4 percent. France’s CAC 40 gained 0.4 percent. But South Korea’s Kospi lost 0.3 percent to 2,026.75. 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. The stock priced at $16, but closed down 25 cents, or 1.6 percent.

ENERGY: The price of benchmark USA crude fell 77 cents to $45.85 a barrel on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, rose 23 cents to $49.96.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.01 percent.

CURRENCIES: The dollar rose to 119.07 yen from 118.83 in the previous session.