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US stocks open higher as banks fall

AFP

US stocks opened higher Thursday but bank shares were lower following Bank of America's quarterly earnings report which came in close to expectations.

Five minutes into trade, the Dow Jones Industrial Average was up 41.31 points (0.30 percent) at 13,552.54.

The broad-based S&P 500 gained 5.51 (0.37 percent), to 1,478.14, while the tech-heavy Nasdaq Composite rose 14.43 (0.46 percent) to 3,131.97.

Bank of America shares were down 1.9 percent after the company reported fourth-quarter earnings that were sharply lower than the year-ago period, heavily dented by writeoffs related to settlements related to its mortgage business.

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Citigroup fell 3.0 percent on its earnings disappointment, also hit by mortgage business charges.

Boeing shares lost another 1.3 percent after its 787 was grounded around the world for safety inspections.