Banks lead US stocks higher in early trading

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News,Business

Banks are leading an early advance in U.S. stocks after JPMorgan Chase and Goldman Sachs turned in better results than investors were expecting.

The Dow Jones industrial average rose 62 points, or 0.4 percent, to 17,116 in the first few minutes of trading Tuesday. JPMorgan and Goldman Sachs rose the most of the 30 stocks in the Dow.

The Standard & Poor's 500 index rose five points, or 0.3 percent, to 1,982. The Nasdaq composite rose 10 points, or 0.2 percent, to 4,450.

Reynolds American fell 4 percent and Lorillard fell 8 percent after the companies announced terms of their deal under which Reynolds will buy its rival cigarette maker.

Bond prices didn't move much. The yield on the 10-year Treasury note was little changed at 2.55 percent.

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