Stocks Rise in Morning Trading on Wall Street
NEW YORK (AP) — Stocks are rising Wednesday on optimism over bank earnings after Bank of America reported that profit surged to $3.44 billion in the fourth quarter. Technology stocks are also climbing fast, with Apple up 2 percent.
KEEPING SCORE: The Dow Jones industrial average is up 101 points, or 0.6 percent, to 16,474 at 11 a.m. Eastern time. The Standard & Poor’s 500 index gained eight points, or 0.4 percent, to 1,847. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,204.
BANK EARNINGS: Bank of America climbed 2.5 percent after reporting that loans on its balance sheet continue to improve. The bank’s provision for credit losses fell to $336 million, from $2.2 billion in the same period a year earlier. Even its mortgage division, which took huge losses after the housing bubble popped, improved.
TECH SURGE: Technology stocks were among the early gainers. Apple and Microsoft both rose 2 percent.
FASTENAL DROP: The industrial supply company dropped the most in the S&P 500, down 5.2 percent, after reporting missing fourth quarter earnings by a penny. The stock slumped $2.22 to $45.99.
3-D PRINTER TUMBLE: Shares of 3-D printer company ExOne fell $4.99, or 8 percent, to $57.27 after cutting its revenue forecast for the year. The North Huntington, Pa., company cited deferred orders from international customers.
WHOLESALE PRICES UP: U.S. wholesale prices increased in December, pushed up by rising price for gasoline prices and other energy costs. Overall inflation remained mild. The Labor Department says the producer price index, which measures costs before they reach the consumer, rose 0.4 percent last month.
TREASURIES AND COMMODITIES: The yield on the 10-year Treasury note rose to 2.91 percent from 2.87 percent on Tuesday. The price of oil climbed 90 cents, or 0.9 percent, to $93.49 a barrel. Gold fell $7.50, or 0.7 percent, to $1,237.80 an ounce.