AP News

US futures edge up on strong corporate earnings


NEW YORK (AP) — U.S. stock futures rose Tuesday for a second day as the earnings season kicked into high gear, with major players in the health care, banking and consumer industries reporting quarterly results.

Dow Jones industrial futures rose 63 points to 13,422. The broader S&P futures tacked on 7.2 points to 1,442.70. Nasdaq futures added 15.75 points to 2,747.

Mattel and UnitedHealth posted strong results for the third quarter. Goldman Sachs and Johnson & Johnson both beat Wall Street expectations. The Coca-Cola Co. says its net income rose 3 percent.

IBM, the CSX railroad and Intel will report after the bell.

Also on Tuesday, the Labor Department said that U.S. consumer prices rose 0.6 percent in September because of more expensive gas.

Excluding volatile food and energy costs, prices rose just 0.1 percent. In the past year, so-called core prices have increased 2 percent.

Modest inflation leaves consumers with more money to spend, which can boost growth. It also allows the Federal Reserve to continue with its efforts to rekindle the economy.

Citigroup investors were stunned to learn Tuesday that Vikram Pandit stepped down as CEO, after steering the bank through the aftermath of the 2008 financial crisis. Pandit's replacement as CEO is Michael Corbat, the current CEO of Citigroup's Europe, Middle East and Africa division, the bank said.

Pandit said that "now is the right time for someone else to take the helm."

Citi shares fell 3 percent in premarket trading.

Markets in Europe rose and Asian markets closed higher.


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