Stocks pop on earnings optimism
Investors are feeling a little bounce in their step as first quarter earnings season kicks off.The Dow, S&P 500, and Nasdaq all moved higher in early trading.
U.S. stocks snapped a three-day losing streak Tuesday, with all three indexes gaining, albeit less than 1%. That put the S&P 500 back into positive territory for the year, but the Dow and Nasdaq are still in the red.
Also today, the Federal Reserve will release minutes from its March meeting at 2 p.m. ET. At the press conference following that meeting last month, Fed Chief Janet Yellen briefly spooked investors when she stated that the US central bank's stimulus program would most likely be finished by the fall and that a rate hike could come as soon as early 2015.
Auto stocks were under pressure today after Toyota announced a massive global recall. General Motors , grappling with the continuing fallout of its botched ignition switch recall, fell in morning trading.
In other corporate news, Comcast and Time Warner Cable representatives will appear before the Senate Judiciary Committee to plead their case for merging the companies. Shares of both companies were slightly lower early in the market session.
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But earnings will most likely be the main catalyst for the markets in the weeks ahead. The first quarter was hampered by severe winter weather, which may have had an impact companies' bottom lines.
The earnings season unofficially commenced yesterday afternoon when Alcoa reported earnings that topped expectations. Shares of the aluminum producer rose Wednesday.
Constellation Brands popped after the alcoholic beverages company posted quarterly profits that beat estimates, thanks to a bump in its beer shipments business.
Shares of medical robotics company Intuitive Surgical plunged after the company said it expects first quarter revenue to come in 24% lower than the same quarter last year. The dreary forecasts comes just weeks after the stock soared following F.D.A. approval for a new surgical robot device.
In IPO news, La Quinta hotel chain will begin trading today under the symbol LQ. A Chinese healthcare firm, iKang, is also making its debut at the high end of its estimated price range.
Related: CNNMoney's Tech30
European markets were higher in afternoon trading.
Most Asian markets also managed gains, led by Hong Kong's Hang Seng with a 1.1% rise. Japan's Nikkei continued its decline, falling 2.1%, as hopes fade of more central bank stimulus. 
First Published: April 9, 2014: 9:50 AM ET
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