US stocks press higher at start of big earnings week

Wall Street stocks headed higher early Monday as Bank of America kicked off a heavy week of quarterly earnings with better-than-expected results.

Bank of America rose 1.5 percent despite reporting that second-quarter earnings dipped 19.4 percent to $3.9 billion due to tighter margins from low interest rates. The bank benefited from loan growth and lower expenses.

Other reports this week include IBM, Netflix, General Motors and General Electric. Second quarter earnings-per-share for S&P 500 companies is projected to fall 5.3 percent from the year-ago period.

Analysts have described US stock-buying as resilient, with the expectation of more central bank easing compensating for doubts about global growth.

About 30 minutes into trade, the Dow Jones Industrial Average was at 18,525.26, up 0.1 percent.

The broad-based S&P 500 advanced 0.1 percent to 2,163.96, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 5,044.15.

Petroleum-linked shares retreated on lower oil prices, with Chevron and Halliburton shedding 0.6 percent and Devon Energy 1.4 percent.

Dow member Merck fell 0.6 percent after it was downgraded by BMO Capital Markets, citing pricing pressures of some medicines and headline risk due to US elections that could focus on high drug prices.