NEW YORK, April 19 (Xinhua) -- U.S. stocks opened higher on Wednesday, as Morgan Stanley joined many big banks reporting strong quarterly earnings results.
Shares of Morgan Stanley rallied 2.86 percent in the early trading Wednesday, after it reported better-than-expected first-quarter results.
The investment bank posted net revenues of 9.7 billion U.S. dollars for the first quarter of 2017, compared with 7.8 billion a year ago. For the current quarter, net income was 1.9 billion dollars, or one dollar per diluted share.
Shares of IBM dropped nearly 5 percent in the early trading Wednesday, after the tech giant posted weak quarterly sales, which was down 11 percent year-on-year.
Meanwhile, investors also awaited U.S. Federal Reserve's Beige Book, which is schedule to release later Wednesday.
Shortly after the opening bell, the Dow Jones Industrial Average ticked up 9.42 points, or 0.05 percent, to 20,532.70. The S&P 500 rose 8.05 points, or 0.34 percent, to 2,350.24. The Nasdaq Composite Index gained 30.13 points, or 0.52 percent, to 5,879.61.
