NEW YORK (AP) – U.S. stocks are rising Tuesday morning after sharp sell-offs last week. Strong results from investment bank Morgan Stanley gave financial stocks a boost.
KEEPING SCORE: The Dow Jones industrial average gained 56 points, or 0.4 percent, to 16,046 as of 11:20 a.m. Eastern. The Standard & Poor’s 500 index added four points, or 0.3 percent, to 1,885. The Nasdaq composite index rose five points, or 0.1 percent, to 4,494.
U.S. markets were closed Monday for the Martin Luther King, Jr. Day holiday. Stocks fell sharply on Friday, and the first two weeks of this year were the worst start to a year in the history of the Dow and the S&P 500 index.
BANKING STOCKS: Morgan Stanley traded higher after the company said it turned a profit in the fourth quarter. Morgan Stanley reported better results from its wealth management business and investment banking. Its shares picked up 68 cents, or 2.6 percent, to $26.65. Goldman Sachs, which will report its earnings Wednesday, rose $1.48, or 1 percent, to $157.09.
TIFFANY TUMBLES: Jewelry retailer Tiffany fell after it said sales dropped in the fourth quarter. The company also forecast minimal growth in 2016. The stock lost $3.37, or 5 percent, to $64.28.