NEW YORK: Wall Street stocks opened higher on Wednesday, lifted by strong earnings from Microsoft and other large companies, although shares of First Republic Bank tumbled again.
Dow component Microsoft jumped about seven percent after reporting a profit of $18.3 billion, in results that were boosted by cloud computing and artificial intelligence.
But First Republic fell 15.7 percent, the latest rout in the aftermath of its Monday disclosure that showed significant deposit erosion amid worries over the lender’s future.
Wall St falls as weak earnings fan fears of economic slowdown
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 33,574.15.
The broad-based S&P 500 added 0.2 percent at 4,079.12, while the tech-rich Nasdaq Composite Index gained 0.8 percent to 11,898.70.
Major US indices dropped more than one percent Tuesday after a selloff in First Republic spurred losses in other regional banks.
Among other big movers, Activision Blizzard dropped 9.6 percent after British officials blocked Microsoft’s proposed $69-billion takeover of the US video game company on antitrust grounds.
Among others reporting results, shares of Boeing gained 2.8 percent while Visa advanced 0.6 percent.
Comments
Comments are closed.