US stock indexes edge higher in morning trading; oil rises

Materials companies led US stock indexes slightly higher in morning trading yesterday as investors sized up the latest round of company earnings news. Energy stocks also rose as crude oil prices headed higher. Phone companies and health care stocks were among the biggest laggards.

KEEPING SCORE: The Dow Jones industrial average rose 50 points, or 0.3 percent, to 19,850 as of 11:19 a.m. Eastern Time. The Standard & Poor's 500 index gained 5 points, or 0.3 percent, to 2,271. The Nasdaq composite index added 14 points, or 0.3 percent, to 5,567.

AUTOMAKERS: The heads of General Motors, Ford Motor and Fiat Chrysler Automobiles met with President Donald Trump early yesterday. Trump wants the automakers to build new factories in the US He's warned of a "substantial border tax" on companies that move manufacturing out of the country and promised tax advantages to those that produce domestically. GM gained 47 cents, or 1.3 percent, to $37.12, while Ford added 21 cents, or 1.7 percent, to $12.52. Fiat Chrysler was up 55 cents, or 5.8 percent, to $10.11.

THE QUOTE: "They used to call some of this jawboning," said David Winters, CEO of Wintergreen Advisers. "So, far President Trump has been encouraging companies to do what's in his vision of a successful America. There's a lot of enthusiasm, but it's really going to be what happens in the next couple of months in terms of legislation so there's clarity."

MINE THIS: Freeport-McMoRan jumped 5.4 percent, one of the biggest gainers in the S&P 500 index. The mining company added 85 cents to $16.57.

HOME RUN: Several homebuilders were trading higher. D.R. Horton climbed 5.4 percent after the homebuilder delivered higher earnings as home closings and net home orders increased. The stock added $1.55 to $30.29. Lennar surged $2.38, or 5.4 percent, to $46.13. PulteGroup gained 93cents, or 4.8 percent, to $20.14.

GESUNDHEIT: Kimberly-Clark, which makes Kleenex and other paper products, rose 3.5 percent after reporting earnings that beat analysts' forecasts. The stock gained $4.13 to $121.11.

MIXED RESULTS: Johnson & Johnson slid 1.8 percent after the company reported fourth-quarter results that edged Wall Street's forecasts, but also issued a 2017 forecast that fell below what analysts were expecting. The maker of Band-Aids, medical devices and prescription drugs also said it would start seeking a possible sale, joint venture or operating partnerships for its diabetes care businesses. The stock shed $2.10 to $111.81.

HUNG UP: Verizon slumped 4.4 percent after the phone and communications company served up earnings for the last three months of 2016 that fell short of what analysts were expecting. The company, whose deal to buy Yahoo's internet operations may be in jeopardy, also said that its roster of retail postpaid subscribers fell sharply. The stock fell the most among companies in the S&P 500, sliding $2.28 to $50.13.

MARKETS OVERSEAS: In Europe, Germany's DAX was up 0.3 percent, while France's CAC 40 was flat. Britain's FTSE 100 was down 0.1 percent after the Supreme Court said parliament would have a right to vote on whether Britain formally exits the European Union. The ruling doesn't mean Britain will remain in the EU, but it could delay the process. In Asia, Japan's benchmark Nikkei 225 slipped 0.6 percent, while Australia's S&P/ASX 200 added 0.7 percent to 5,650.10. South Korea's Kospi slipped 0.01 percent. Hong Kong's Hang Seng gained 0.2 percent.

ENERGY: Benchmark US crude was up 63 cents, or 1.2 percent, at $53.38 a barrel in New York. It fell 47 cents overnight. Brent crude, used to price international oils, was up 49 cents, or 0.9 percent, at $55.72 a barrel in London.

TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.43 percent from 2.40 percent late Monday.

CURRENCIES: In currency markets, the dollar rose to 113.28 yen from 113 yen the previous day. The euro was increased to $1.0755 from $1.0746.