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New York - US stocks traded higher on Thursday, following gains in Asia and Europe, as expectations of a Federal Reserve rate rise recede amid weak economic data.
Thirty minutes into trade, the Dow Jones Industrial Average was up 51.17 points (0.30%) at 16 975.92.
The broad-based S&P 500 rose 8.10 (0.41%) to 2 002.34, while the tech-rich Nasdaq Composite added 32.19 (0.67%) at 4 815.03.
"It has mostly to do with the rush of thinking that weak economic data and tepid earnings guidance will keep the Fed on hold and encourage other central banks to provide even more stimulus," said Patrick O'Hare of Briefing.com.
Banks added to gains after Citigroup released a forecast-beating third-quarter report, with earnings up 51%. Citi gained 2.1%, Wells Fargo 1.2%, and JPMorgan Chase 0.9%.
Goldman Sachs was the odd man out, falling 0.4% after its earnings fell in the quarter hit by declining asset prices and trading weakness.
UnitedHealth Group, the healthcare giant, sank 4.4% as it reported flat third-quarter earnings despite a 27% surge in revenues.
Netflix sank 8.8% after disappointing new US subscriber numbers in its most recent quarter and slightly lower profits than expected.
Wal-Mart, which plunged 10% Wednesday after the world's largest retailer slashed its earnings forecast for next year, lost another 0.1%.
Boeing, which also fell sharply on Wednesday due to industry warnings of a glut of used aircraft, rebounded 1.7%.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.01% from 1.98% Wednesday, while the 30-year pushed to 2.86% from 2.84%. Bond prices and yields move inversely.
