U.S. stocks opened higher on Thursday as Morgan Stanley's less-than-expected quarterly loss raised hopes for hard-hit financial companies. The Dow Jones Industrial Average climbed 34 points to 12,606. The Standard & Poor's 500 Index gained 5 points to 1,331 with financials leading gains among its 10 industry groups. Erasing gains, the Nasdaq Composite slid 5 points to 2,808. Earnings galore this morning led by financials for a second straight day. Morgan Stanley is leading the charge up 5% following earnings. Blackstone, American Express, Raymond James, First Niagara, Fifth Third, and BB&T are higher following earnings. A couple financials are lower including Genworth down 17%. Not a good report. Janus is down 4%. The techs are up, but not the ones reporting earnings. Seagate is down 16%, Cirrus Logic is down 9%, F5 Networks is down 8%, Ebay is down 4%, and Intel and Qualcomm are down a percent. Xilinx and Cypress Semi are two techs trading up following earnings. Google, Apple, and IBM look good. The commodities look good. Freeport McMoran and Nucor are higher following earnings. The fertilizers and oil stocks look good. The oil drillers, on the other hand, are particularly weak. Diamond Offshore is lower by 4% following earnings. After the first hour the averages pushed higher with the Dow jumping 150 points and the Nasdaq rising 26 points. Other blue chips trading higher following earnings include NY Times, William Sonoma, Union Pacific, AT&T, UAL, Baxter, VF Corp, Phillip Morris, Eli Lilly, and Travelers. A real bull market.
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