U.S. stocks closed mixed on Wednesday as investors digested a batch of quarterly earnings reports.
The Dow Jones Industrial Average decreased 38.56 points, or 0.16 percent, to 24,748.07. The S&P 500 was up 2.25 points, or 0.08 percent, to 2,708.64. The Nasdaq Composite Index increased 14.14 points, or 0.19 percent, to 7,295.24.
Before Wednesday's opening bell, Morgan Stanley reported net revenues of 11.1 billion U.S. dollars for the first quarter ended March 31, compared with 9.7 billion dollars a year ago.
For the current quarter, net income applicable to Morgan Stanley was 2.7 billion dollars, or 1.45 dollars per diluted share, compared with net income of 1.9 billion dollars, or 1.00 dollar per diluted share, for the same period a year ago.
Following the release of the better-than-expected quarterly results, Morgan Stanley's shares rose 0.04 percent to 53.26 dollars apiece Wednesday.
Shares of United Continental Holdings surged 4.81 percent to 70.58 dollars apiece after the parent company of United Airlines delivered quarterly results that beat market estimates.
The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2018 are expected to rise by 19.2 percent year on year, while the revenues are forecast to increase by 7.5 percent.
Investors also kept a close eye on the Federal Reserve's Beige Book. According to the Beige Book released in the afternoon, economic activity continued to expand at a modest to moderate pace across the 12 Fed Districts in March and early April.
Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs.
The Dow Jones Industrial Average decreased 38.56 points, or 0.16 percent, to 24,748.07. The S&P 500 was up 2.25 points, or 0.08 percent, to 2,708.64. The Nasdaq Composite Index increased 14.14 points, or 0.19 percent, to 7,295.24.
Before Wednesday's opening bell, Morgan Stanley reported net revenues of 11.1 billion U.S. dollars for the first quarter ended March 31, compared with 9.7 billion dollars a year ago.
For the current quarter, net income applicable to Morgan Stanley was 2.7 billion dollars, or 1.45 dollars per diluted share, compared with net income of 1.9 billion dollars, or 1.00 dollar per diluted share, for the same period a year ago.
Following the release of the better-than-expected quarterly results, Morgan Stanley's shares rose 0.04 percent to 53.26 dollars apiece Wednesday.
Shares of United Continental Holdings surged 4.81 percent to 70.58 dollars apiece after the parent company of United Airlines delivered quarterly results that beat market estimates.
The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2018 are expected to rise by 19.2 percent year on year, while the revenues are forecast to increase by 7.5 percent.
Investors also kept a close eye on the Federal Reserve's Beige Book. According to the Beige Book released in the afternoon, economic activity continued to expand at a modest to moderate pace across the 12 Fed Districts in March and early April.
Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs.
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