Investing.com – U.S. stocks were up after the open on Wednesday, boosted by strong earnings reports from the technology and aerospace sectors, while shares in the financial sector came under pressure.
During early U.S. trade, the Dow Jones Industrial Average gained 0.70%; the S&P 500 index rose 0.54%, while the Nasdaq Composite index added 0.58%.
Boeing, the world's largest aerospace company, saw its shares jump 2.48% after it reported better-than-expected third quarter net profits. The company also lifted its full-year earnings forecast, citing higher-than-expected revenue from its commercial airplane division.
Elsewhere, shares in search-engine giant Yahoo soared 3.45% after it said third-quarter net income more than doubled to USD 396.1 million. The company also raised its sales forecast for the forth quarter.
But shares in Morgan Stanley tumbled 3.86% after the investment bank reported a third quarter net loss of USD 91 million, compared to a profit of USD 498 million from a year earlier. Meanwhile shares in rivals Wells Fargo gained 0.67% after it said third quarter net income rose to a record-high USD 3.34 billion.
Elsewhere in the financial sector, shares in Comerica Bank plunged 7.48% after it said third quarter earnings rose less-than-expected and revenues declined. Meanwhile shares in Bank of America plummeted 4.07% after the Federal Reserve Bank of New York urged the lender to repurchase billions of dollars in home loans.
After the closing bell, internet giant eBay and online brokerage and banking company E-Trade were to release earnings reports.
Meanwhile, across the Atlantic, European stock markets were up: France’s CAC 40 rose 0.29%; Germany's DAX gained 0.24%; Britain's FTSE 100 increased 0.06%; and the EURO STOXX 50 was up 0.22%.
Later in the day, the U.S. Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
During early U.S. trade, the Dow Jones Industrial Average gained 0.70%; the S&P 500 index rose 0.54%, while the Nasdaq Composite index added 0.58%.
Boeing, the world's largest aerospace company, saw its shares jump 2.48% after it reported better-than-expected third quarter net profits. The company also lifted its full-year earnings forecast, citing higher-than-expected revenue from its commercial airplane division.
Elsewhere, shares in search-engine giant Yahoo soared 3.45% after it said third-quarter net income more than doubled to USD 396.1 million. The company also raised its sales forecast for the forth quarter.
But shares in Morgan Stanley tumbled 3.86% after the investment bank reported a third quarter net loss of USD 91 million, compared to a profit of USD 498 million from a year earlier. Meanwhile shares in rivals Wells Fargo gained 0.67% after it said third quarter net income rose to a record-high USD 3.34 billion.
Elsewhere in the financial sector, shares in Comerica Bank plunged 7.48% after it said third quarter earnings rose less-than-expected and revenues declined. Meanwhile shares in Bank of America plummeted 4.07% after the Federal Reserve Bank of New York urged the lender to repurchase billions of dollars in home loans.
After the closing bell, internet giant eBay and online brokerage and banking company E-Trade were to release earnings reports.
Meanwhile, across the Atlantic, European stock markets were up: France’s CAC 40 rose 0.29%; Germany's DAX gained 0.24%; Britain's FTSE 100 increased 0.06%; and the EURO STOXX 50 was up 0.22%.
Later in the day, the U.S. Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.