U.S. stock benchmarks on Tuesday opened modestly higher, a day after growing worries about the impact of China's coronavirus outbreak on global economic growth sparked the biggest one-day selloff since early October. Markets appeared to be attempting to find its footing even as signs that that virus was spreading throughout China.
The Dow Jones Industrial Average gained 76 points, or 0.3%, to 28,618, after declining for five straight sessions, the S&P 500 index gained 0.4% to 3,257 and the Nasdaq Composite Index picked up 0.8% at 9,210. Investors were also set to wade through a tide of quarterly results from a number of high-profile companies as earnings reporting season picks up steam.
Shares of Dow component 3M Co. were down after the consumer and industrial products company reported fourth-quarter profit that fell short of Wall Street expectations, while revenue matched. 3M also said it was cutting 1,500 jobs as part of a restructuring. Shares of another Dow component, United Technologies Corp. were in focus after it reported profit and sales that beat estimates. In U.S. economic data, December durable goods orders surged 2.4% in December owing to military purchases.
Source : Marketwatch