Stocks open higher on Wall Street

Stocks are opening modestly higher on Wall Street a day after a sharp sell-off erased the market's gains for the year.

Big earnings gains for several U.S. companies helped encourage investors to start hitting the "buy" button again.

Microsoft jumped 4.3 percent and Ford climbed 5.7 percent after releasing encouraging results and forecasts.

Tesla soared 8 percent after reporting its biggest-ever profit, and appliance maker Whirlpool rose 4.5 percent.

European markets were mostly higher.

The S&P 500 index rose 16 points, or 0.6 percent, to 2,672.

The Dow Jones Industrial Average climbed 104 points, or 0.4 percent, to 24,689. The Nasdaq composite added 85 points, or 1.2 percent, to 7,194.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.12 percent.