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US stock indexes edge higher in early trading; oil rises

FILE - This July 15, 2013, file photo, shows the New York Stock Exchange. Global stock markets turned lower and the dollar was volatile Thursday, April 13, 2017, after President Donald Trump withdrew a threat to declare China a currency manipulator and said the U.S. currency was "getting too strong." Tensions over North Korea also weighed on investors ahead of a long weekend in many markets. (AP Photo/Mark Lennihan, File)
FILE - This July 15, 2013, file photo, shows the New York Stock Exchange. Global stock markets turned lower and the dollar was volatile Thursday, April 13, 2017, after President Donald Trump withdrew a threat to declare China a currency manipulator and said the U.S. currency was "getting too strong." Tensions over North Korea also weighed on investors ahead of a long weekend in many markets. (AP Photo/Mark Lennihan, File) FILE - This July 15, 2013, file photo, shows the New York Stock Exchange. Global stock markets turned lower and the dollar was volatile Thursday, April 13, 2017, after President Donald Trump withdrew a threat to declare China a currency manipulator and said the U.S. currency was "getting too strong." Tensions over North Korea also weighed on investors ahead of a long weekend in many markets. (AP Photo/Mark Lennihan, File)

By Associated Press 3 min read

U.S. stocks edged higher in early trading Thursday as investors sized up earnings from several major banks and new data on inflation. Financial stocks led the gainers, followed by technology companies. Utilities were down the most. Trading was light ahead of the long Easter holiday weekend.

KEEPING SCORE: The Standard & Poor’s 500 index rose 1 point, or 0.1 percent, to 2,346 as of 10:15 a.m. Eastern Time. The Dow Jones industrial average was flat at 20,587. The Nasdaq composite index gained 13 points, or 0.2 percent, to 5,850. U.S. markets will be closed Friday for the Good Friday holiday.

BANK ON IT: Several banks were trading higher after reporting better-than-expected results thanks to improved revenue from trading and rising interest rates. Citigroup rose 73 cents, or 1.2 percent, to $59.24, while JPMorgan Chase gained $1.24, or 1.5 percent, to $86.64. PNC Financial Services climbed $4.38, or 3.8 percent, to $120.38.

BUFFETT EFFECT: Wells Fargo slid 1.4 percent after Warren Buffett’s Berkshire Hathaway sold some of its stock in the lender to avoid being designated a bank holding company. Wells also reported flat quarterly earnings, reflecting continuing struggles to recover from its sales practice scandal. The stock gave up 77 cents to $52.35.

BAD QUARTER: Pier 1 Imports slumped 8.6 percent after the home decor retailer reported disappointing sales. The stock slid 62 cents to $6.63.