US stocks open higher with stronger earnings

Specialist Christopher Carella, center, works on the floor of the New York Stock Exchange Monday, Feb. 27, 2012. U.S. stocks pulled back Monday from some of their highest levels in three and a half years. World stock markets fell Friday April 20, 2012 as strong U.S. company earnings failed to calm worries the world's No. 1 economy is struggling to maintain its recovery. (AP Photo/Richard Drew)

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.