US stocks rise on mixed earnings as investors eye Iraq

US stocks moved higher in early trade on Friday following mixed earnings reports as investors eyed ongoing unrest in Iraq. About 30 minutes into trade, the Dow Jones Industrial Average advanced 40.49 points (0.24 per cent) to 16,961.95. The broad-based S&P 500 gained 3.26 (0.17 per cent) to 1,962.74, extending further into record territory after two straight days of closing highs. The tech-rich Nasdaq Composite Index put on 5.03 (0.12 percent) at 4,364.35. Software company Oracle sank 5.3 per cent as fiscal fourth-quarter earnings came in at 92 cents per share, three cents less than expected. Analysts said the company's weak performance in cloud computing software was particularly disappointing. But used-car company CarMax surged 14.8 per cent higher as it reported record quarterly sales and earnings for the first quarter that easily topped expectations. Total unit sales rose nearly 10 per cent, according to AFP.