US stocks close higher with earnings season in focus

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New York, Oct 11 (IANS) US stocks closed higher as investors focused on the upcoming earnings season.

The Dow Jones Industrial Average on Tuesday added 69.61 points, or 0.31 per cent, to 22,830.68, notching record close, Xinhua news agency reported.

The S&P 500 was up 5.91 points, or 0.23 per cent, to 2,550.64. The Nasdaq Composite Index increased 7.52 points, or 0.11 per cent, to 6,587.25.

Some of the major companies in finance sector scheduled to report quarterly results this week include BlackRock, Citigroup, Bank of America and Wells Fargo.

In corporate news, retail giant Wal-Mart announced a $20-billion buyback. The company also said it expects to add 1,000 online grocery pickup locations at its US stores in fiscal year 2019.

In addition, the Dow component expected a global unit growth of approximately 280, including new, expanded and relocated units, for each fiscal year 2018 and 2019.

Shares of Wal-Mart jumped 4.47 per cent to trade at $84.13 a piece.

Another Dow component Pfizer said Tuesday that it was thinking about selling or spinning off its consumer health-care business, which generates $3.4 billion in annual sales.

–IANS

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