Markets Right Now: US stocks open broadly higher

NEW YORK (AP) – Stocks are opening broadly higher on Wall Street as several companies reported earnings that pleased investors.

Hormel Foods rose 5 percent early Tuesday after reporting better earnings and releasing a strong forecast.

Medtronic jumped 6 percent after reporting solid sales of heart devices and higher earnings and revenue than analysts were expecting.

The Standard & Poor’s 500 index rose 11 points, or 0.5 percent, to 2,593.

The Dow Jones industrial average rose 122 points, or 0.5 percent, to 23,552. The Nasdaq composite gained 37 points, or 0.6 percent, to 6,828.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 percent.