US stocks move higher as company earnings impress

Associated Press
FILE - In this Monday, April 28, 2014 file photo, traders gather at the post of specialist Jason Hardzewicz, center, on the floor of the New York Stock Exchange. U.S. stock futures are edging higher Tuesday, April 29, 2014, suggesting a higher open for the market, as more companies report earnings. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stock prices are moving higher in midday trading as more companies deliver strong earnings reports.

Merck, Ameriprise Financial and the diesel engine maker Cummins were among the corporations reporting better-than-expected earnings.

The Standard & Poor's 500 index rose eight points, or 0.5 percent, to 1,877 as of noon Eastern time Tuesday. Energy stocks rose the most in the index.

The Dow Jones industrial average rose 90 points, or 0.6 percent, to 16,539. The Nasdaq composite increased 20 points, or 0.5 percent, to 4,095.

Some companies disappointed investors with their results. Coach slumped 8 percent after the luxury goods maker said its profit fell in the first three months of the year.

Bond prices were little changed. The yield on the 10-year Treasury note was flat at 2.70 percent.