Wall St. opens higher, UPS trims profit hopes

US stocks opened higher although some investors were continuing to fret over the first quarter earnings season after delivery giant UPS lowered its profit expectations.

The leading blue chip Dow Jones Industrial Average was up 33.63 points (0.27 percent) at 12,610.07 just after US markets opened for business.

The tech-laden Nasdaq composite index had risen 3.57 points (0.15 percent) to 2,352.33 while the broad-market Standard & Poor's 500 index gained 1.67 points (0.12 percent) to 1,367.21.

Traders said stocks posted modest opening gains as investors were looking ahead and hoping the markets had entered a rebuilding period.

UPS remained in focus a day after it downgraded its profit forecast for the first quarter, saying it now expected to earn between 86 and 87 cents per share instead of 94 to 98 cents.

Investors seem to be unfazed by a first-quarter profit warning from UPS. United Parcel Service Inc., which is the world's largest shipping carrier, is citing a weaker economy and higher fuel costs. The comments follow similar cautious remarks this week from aluminum producer Alcoa Inc. and chip-maker Advanced Micro Devices Inc.

Job cuts announced by US computer chip maker Advance Micro Devices have also dampened Wall Street sentiment this week.

In other news, Boeing announced it was delaying its 787 Dreamliner launch by several months for "unanticipated rework" of the aircraft and further problems with suppliers.

(Agencies)