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U.S. stocks end higher amid earnings, data

Xinhua, October 20, 2016 Adjust font size:

U.S. stocks closed up on Wednesday, as investors were digesting the newly-released earnings reports and economic data.

The Dow rose 0.22 percent, and the S&P 500 added 0.22 percent, while the Nasdaq gained 0.05 percent.

Before Wednesday's opening bell, Morgan Stanley reported net revenues of 8.9 billion U.S. dollars for the third quarter of 2016, and earnings per diluted share of 81 cents, beating market estimates. Its shares rose 1.89 percent to close at 32.93 dollars.

Intel also reported better-than-expected results after Tuesday's closing bell, but its stock fell nearly 6 percent on light revenue guidance.

On the economic front, U.S. privately-owned housing starts in September were at a seasonally adjusted annual rate of 1.047 million units, the Commerce Department announced Wednesday.

This is 9.0 percent below the revised August estimate of 1.150 million units, and is 11.9 percent below the September 2015 rate of 1.189 million units.

The large pullback in September in multifamily starts could suggest a shift in the market toward single family units as well as a possible lack of supply of available labor for projects in the pipeline, said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.

Overseas, China's economy grew 6.7 percent in the third quarter of 2016, holding steady from the second quarter and fueling hopes that the Chinese government will achieve this year's GDP target. Enditem