NEW YORK (AP) — U.S. stocks rose Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies.
The S&P 500 gained 0.5% to recover much of the slide from its all-time high the day before because of tumbling energy and technology stocks. The Dow Jones Industrial Average rose 337 points, or 0.8%, to set its own record, and the Nasdaq composite added 0.3%.
Morgan Stanley rallied 6.4% after reporting stronger profit for the latest quarter than analysts expected. CEO Ted Pick said the investment bank enjoyed a “constructive environment” in its businesses around the world. And with stock prices near records, it’s managing even more money for clients.
United Airlines flew 12.4% higher after reporting a milder drop in summer profit than expected and announcing plans to send up to $1.5 billion to its shareholders by buying back its stock. J.B. Hunt Transport Services motored up by 3.1% after the freight company delivered better-than-expected results.
They helped offset a 2.5% drop for Citizens Financial Group, which reported weaker results for the latest quarter than analysts expected.