Stocks open higher on Wall Street as investors cheer earnings reports

Stocks open higher on Wall Street as investors cheer earnings reports

Stocks are off to a strong start on Wall Street as traders cheer strong earnings reports from several big US companies. Tesla jumped 10% after the maker of electric cars and solar panels reported strong sales and a seven-fold increase in profits despite global supply chain kinks. American Airlines climbed 8.8% after saying it expects to turn a profit in the second quarter as more people return to travel. The S&P 500 rose 1% in the early going Thursday and the Nasdaq added 1.8%. The Dow Jones Industrial Average of 30 major blue chips rose 0.7%. Treasury yields rose. US markets pointed toward a higher open on Thursday as investors waited for hints from central bank leaders about their plans to try to tame four-decade high inflation. On Wall Street, futures for the Dow Jones Industrials gained 0.7% while S&P 500 futures were 0.8% higher. Investors will turn their attention to a panel discussion Thursday with US Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde at a meeting of the International Monetary Fund and World Bank. Rising prices have prompted the Federal Reserve and other central banks to raise interest rates to temper inflation’s impact. The