Solid earnings and China data lift stocks

NEW YORK (CNNMoney)

The Dow Jones industrial average and Nasdaq were modestly higher in early trading. The S&P 500 was flat.

In a sign that manufacturing is improving in the world's second largest economy, Chinese factory activity hit a 7-month high in October. The positive data follows last week's upbeat report that showed China's economy great 7.8% during the third quarter.

A big day for earnings: Dow components 3M (MMM, Fortune 500) and AT&T (T, Fortune 500) reported better-than-expected earnings. But shares of Ma Bell were down 2% while 3M rose slightly.

Ford (F, Fortune 500) shares rallied after the automaker raised guidance and released quarterly earnings and revenue that topped forecasts. Rival GM (GM, Fortune 500) rose on the news as well.

PulteGroup (PHA) shares were also on the rise after the homebuilder's earnings and revenue topped forecasts.

Southwest Airlines (LUV, Fortune 500) gained ground after the discount airline reported solid earnings thanks to higher airfares and declining fuel costs. Southwest was optimistic about the current quarter, highlighting that bookings for November and December are strong.

On the downside, shares of Symantec (SYMC, Fortune 500) got hammered after the company reported earnings and sales that fell short of estimates, and slashed its guidance. Dow Chemical (DOW, Fortune 500) shares were also under pressure after the company's earnings fell short.

Microsoft (MSFT, Fortune 500), Zynga (ZNGA) and Amazon (AMZN, Fortune 500) are due to report results in the afternoon.

Meanwhile, shares of Apple (AAPL, Fortune 500) were relatively flat despite the news that activist investor Carl Icahn sent a letter to CEO Tim Cook reiterating his push for a big share buyback.

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European stocks were up in afternoon trading. Asian markets ended mixed.

First Published: October 24, 2013: 9:54 AM ET

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