Summary The House on Thursday evening easily approved a bipartisan budget deal.
NEW YORK (AFP) - US stocks moved higher Friday morning after three straight losing sessions following the House of Representatives approving a two-year budget deal, averting another government shutdown.
About 35 minutes into trade, the Dow Jones Industrial Average advanced 16.28 (0.10 percent) to 15,755.71.
The broad-based S&P 500 added 1.02 (0.06 percent) at 1,776.52, while the tech-rich Nasdaq Composite Index put on 8.82 (0.22 percent) at 4,007.22.
The House early Thursday evening easily approved a bipartisan budget deal that would repeal some automatic spending cuts while trimming the budget deficit. The deal must win Senate approval.
Oil and gas company Anadarko tumbled 8.5 percent after a US bankruptcy judge said it could be liable for $5 billion or more due to litigation related to a 2005 spinoff of some assets. Anadarko said it "vehemently disagrees" with the judge s statements, which are not a final ruling.
Online retailer Amazon rose 1.5 percent after a report said it was working on a new consumer goods business that would compete with Walmart and Costco.
Chipmaker Qualcomm rose 0.6 percent after promoting chief operating officer Steve Mollenkopf to chief executive. Mollenkopf had been mentioned as a potential chief executive of Microsoft. Dow component Microsoft fell 1.0 percent.
United Technologies fell 1.0 percent after its 2014 forecast came in on the low end of expectations. The company projected earnings of $6.55-$6.85 per share against analyst expectations of $6.84.
Software company Adobe Systems shot up 9.8 percent after earnings met expectations and revenues narrowly exceeded expectations of $1.03 billion at $1.04 billion. The company reported a big increase in "Creative Cloud" subscriptions.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.87 percent from 2.88 percent Thursday, while the 30-year fell to 3.88 percent from 3.90 percent. Bond prices and yields move inversely.
