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U.S. stocks open higher on corporate earnings

Xinhua, July 20, 2016 Adjust font size:

U.S. stocks opened higher Wednesday, as Wall Street cheered better-than-expected quarterly earnings from Morgan Stanley and Microsoft.

Morgan Stanley reported Wednesday net revenues of 8.9 billion U.S. dollars for the second quarter of 2016, topping analysts' estimates. Its quarterly net income was 1.6 billion dollars, or 75 cents per diluted share. Shares of the banking giant rose 2.84 percent in the early trading.

Microsoft announced Tuesday after the closing bell that its quarterly revenue was 20.6 billion dollars, with a net income of 3.1 billion dollars, or 39 cents per diluted share, beating market expectations. Its share was up over five percent in early Wednesday.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2016 are expected to drop 4.3 percent year on year, while the revenues are forecast to decline 0.7 percent.

There is no major economic data due out Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average gained 34.31 points, or 0.18 percent, to 18,593.32. The S&P 500 was up 3.87 points, or 0.18 percent, to 2,167.65. The Nasdaq Composite Index increased 19.54 points, or 0.39 percent, to 5,055.91.

U.S. stocks closed mixed Tuesday, with the Dow Jones Industrial Average extending its record run to a six straight day, as investors digested quarterly earnings reports from notable companies. Endi