US stocks open higher after upbeat Pfizer

New York - US stocks opened higher on Tuesday after a batch of better-than expected earnings from Pfizer, Merck, UPS and Ford and as the Federal Reserve kicks off a two-day monetary policy meeting.

At the opening bell, the Dow Jones Industrial Average was up 37.61 points at 17 478.20.

The broad-market S&P 500 advanced 0.38% to 2 075.57, while the tech-rich Nasdaq Composite Index rose 0.23% to 5 051.49.

Wall Street stocks rebounded from a string of losses, in part due to weak data and falling stocks in China that has sparked concerns about slowing growth in China.

"The market is perhaps due for a bounce from short-term oversold conditions," said Patrick O'Hare of Briefing.com.

"If that mentality holds up, it could be a better day for the beaten-down materials and energy sectors, which have dropped 7.9% and 8.7%, respectively, this month."