Wall Street Opens Higher After First Wave of Bank Earnings; Dow up 120 Pts By Investing.com

By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Wednesday after strong earnings from Goldman Sachs (NYSE:GS) and signs of economic recovery implicit in other earnings reports bolstered sentiment.

Goldman and JPMorgan (NYSE:JPM) both blew past expectations for profit in the three months through June, but their stocks diverged amid concern that JPMorgan’s, at least, relied heavily one-off factors. Goldman stock rose 2.7% while JPMorgan stock fell 1.3%.

By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average was up 119 points, or 0.4%, while the S&P 500 and the Nasdaq Composite were both up 0.1%. All three indices go into the new earnings season at or near to record highs, on expectations of a strong rebound in the economy this year and continued policy support.