NEW YORK, July 19 (Xinhua) -- U.S. stocks traded higher on Wednesday as investors sifted through the country's housing data and a batch of corporate quarterly reports.
At midday, the Dow Jones Industrial Average was up 37.58 points, or 0.17 percent, to 21,612.31. The S&P 500 added 8.73 points, or 0.35 percent, to 2,469.34. The Nasdaq Composite Index rose 36.30 points, or 0.57 percent, to 6,380.60.
U.S. Department of Commerce said on Wednesday that privately-owned housing started in June jumped 8.3 percent to a seasonally adjusted annual rate of 1.215 million units, the highest level since February. The latest reading was higher than market estimates of 1.170 million units.
In corporate news, Wall Street giant Morgan Stanley said on Wednesday that the company earned 87 cents per share for the second quarter, 11 cents a share above market estimates.
Morgan Stanley also raised its dividend 25 percent and added 5 billion U.S. dollars to its share repurchase program. Its shares rose more than 3 percent after the report.
U.S. technology company IBM said on Wednesday that its adjusted quarterly profit was 2.97 U.S. dollars per share, beating estimates of 2.74 U.S. dollars a share.
However, the firm's revenue fell short of estimates and declined for the 21st consecutive quarter. IBM also saw profit margins drop across all its units. Its stock slumped over 4 percent in the midday session.
Earnings season has gotten off to a solid start. Of the 53 S&P 500 components that had reported, 77 percent exceeded earnings expectations while 75 percent topped on revenue, according to latest data from consulting firm The Earnings Scout. Enditem
