US Stocks Climb on Corporate Earnings, Morgan Stanley, GE Gain

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US Stocks Climb on Corporate Earnings, Morgan Stanley, GE Gain

On Friday, US stocks climbed recovering deep losses that had been colored by worries over the spread of Ebola and the global growth.

The major benchmarks were boosted by the earnings reports from heavyweights like Morgan Stanley, General Electric and Honeywell.

According to Market Watch, the S&P 500 added 0.1% or 18 points to 1,881.46 but is still headed for a modest loss for the week. The Dow Jones Industrial Average gained 1% or 153 points to 16,274.67 but was set to finish lower.

The Nasdaq Composite Index gained 1.1% or 47 points to 4,263.97 and was headed to finish the week where it had started.

US stocks, Ebola spread, S&P 500, Nasdaq Composite Index, Drew Wilson, DAX of Germany

These sharp surges came after Thursday’s choppy session, where the benchmarks dropped around 1% at the opening.

The bounce in the market can be attributed to various factors, according to traders. James Bullard, St. Louis Federal Reserve President said on Thursday in an interview that the central bank needs to delay cutting the economic stimulus efforts, which aided in boosting the market.

Fenimore Asset Management Equity analyst, Drew Wilson said, “There’s got to be a little bit of a relief rally in this.”

Morgan Stanley reported its net income to have nearly doubled in Q3, assisted by its wealth management divisions and institutional securities strength. The results of the investment bank topped Wall Street estimates. Morgan Stanley climbed 2.5% or 81 cents to $33.36, as reported by Fox Business.

Shares of General Electric climbed almost 4% after the company reported Q3 profit that was better than expected, citing improved performance in its oil, gas and aviation divisions. The stock gained 91 cents to $25.16.

European markets rose, continuing the pattern of volatile trading. The CAC 40 of France gained 2.2% and the DAX of Germany climbed 2%. The FTSE 100 of Britain climbed 1.3%. The S&P/ASX 200 of Australia gained 0.3% and the Hang Seng of Hong Kong climbed 0.5%. The Nikkei of Japan dropped 1.4%.

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To contact the reporter of the story: Jonathan Millet at john@forexminute.com