U.S. Stocks Open Higher; Federal Reserve Begins 2-Day Meeting

U.S. stocks opened higher Tuesday as the Federal Reserve begins its 2-day meeting today on the economy and interest rates. UPS (UPS) delivered earnings that surpassed expectations as improved margins offset a slight drop in revenue. Homebuilder D.R. Horton (DHI) saw its profit rise above what analysts were expecting. Honeywell (HON) is buying German water and energy company Elster for $5.1 billion. Ford (F) turned in a record North American profit. Net income jumped 44% to $1.9 billion in the second quarter as global sales rose and company was able to charge more for new trucks and SUVs with premium features. Merck (MRK) raised its profit forecasts on sales of cancer and diabetes drugs. Pfizer (PFE) also raised guidance.