US stocks inch higher as Amazon slumps
Traders at the New York Stock Exchange
New York - AFP
US stocks edged up in opening trade Friday as strong earnings from UPS and others offset disappointing results from Amazon.
Five minutes into trade, the Dow Jones Industrial Average stood at 16,687.44, up 9.54 points (0.06 percent).
The broad-based S&P 500 added a scant 0.53 (0.03 piercent) at 1,951.35, while the tech-rich Nasdaq Composite Index rose 5.47 (0.12 percent) to 4,458.26.
Amazon shares sank 7.3 percent as its third-quarter loss rose ten-fold to $437 million due to the costs of product launches including new phones, tablets and television programs.
UPS gained 1.7 percent on earnings above expectations and its forecast of an 11 percent jump in shipments in December.
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