NEW YORK (AP) — Stocks are opening higher after a string of strong earnings reports from major corporations.
The Dow Jones industrial average is up 31 points to 12,938 shortly after the opening bell Thursday. IBM surged 3 percent after posting a 6 percent jump in profits late Wednesday even as its revenue sank. That marked the 38th consecutive quarter that IBM's net income has risen.
The Standard & Poor's 500 index is up five points to 1,376 and the Nasdaq rose 20 points to 2,962.
eBay surged 9 percent after it doubled its second-quarter net income, thanks to higher revenue from its PayPal online payments business and its e-commerce websites.
The Dow is now up 1.3 percent for the week. The S&P 500 is up 1.5 percent.