US stocks open higher on EU stimulus deal, earnings

Wall Street stocks opened higher Tuesday following an agreement by European leaders on a giant stimulus plan and gains by IBM and other companies that reported earnings.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 26 957.50, up 1.0%.

The broad-based S&P 500 advanced 0.6% to 3 271.94, while the tech-rich Nasdaq Composite Index climbed 0.1% to 10 774.39, adding to Monday's record close.

EU leaders emerged from a marathon four-day and four-night summit with a €750 billion deal to boost economies shattered by the coronavirus epidemic. The package is the biggest-ever joint borrowing by the 27 members of the bloc.

The deal comes as US lawmakers begin work on another round of stimulus from Washington, with key policymakers far apart on what the next package should include.

Among individual companies, IBM jumped 2.6% after reporting better-than-expected second-quarter profits.

Coca-Cola rose 3.2% after reporting results, while Lockheed Martin gained 2.9%.

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