NEW YORK, Oct. 23 (Xinhua) -- U.S. stocks opened higher Monday as investor sentiment was boosted by a positive earnings season.
Shares of VF Corp. jumped over 5 percent in the early trading on Monday, after the clothing company reported better-than-expected third-quarter earnings. The company, whose brands include Timberland, the North Face and Dickies, also raised its outlook.
This earnings season has gotten off to a good start. According to consulting company Earnings Scout, about 80 percent of companies that have reported beating on the bottom line as of Friday, while over 70 percent have topped sales estimates.
Investors were also encouraged by renewed hopes that U.S. President Donald Trump's administration will be able to push on with tax cuts, after the U.S. Senate passed a budget blueprint for the next fiscal year last week.
On the economic front, led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved up to 0.17 in September from minus 0.37 in August, the Federal Reserve Bank of Chicago said Monday.
Shortly after the opening bell, the Dow Jones Industrial Average rose 16.53 points, or 0.07 percent, to 23,345.16. The S&P 500 inched up 2.11 points, or 0.08 percent, to 2,577.32. The Nasdaq Composite Index increased 7.74 points, or 0.12 percent, to 6,636.79.
On Friday, U.S. stocks ended higher amid rising expectation for a tax reform in the country, with all three major indices setting new record closing highs.
