U.S. stocks gained on Wednesday as results from banks, including Morgan Stanley, topped expectations, and on increased optimism about the technology sector's profit outlook.
The energy sector also supported the market as the price of oil rose above $80 a barrel after data showed a smaller-than-expected rise in U.S. crude stockpiles. Chevron
Among tech shares, SanDisk Corp
The tech arena has been the stalwart, earnings-wise, said Alan Lancz, president of Alan B. Lancz & Associates Inc in Toledo, Ohio.
The product cycle has been pretty interesting because ... that's one area where the consumer has not backed off.
Wells Fargo & Co
The Dow Jones industrial average <.DJI> gained 24.79 points, or 0.25 percent, to 10,066.27. The Standard & Poor's 500 Index <.SPX> rose 3.68 points, or 0.34 percent, to 1,094.74. The Nasdaq Composite Index <.IXIC> was up 8.29 points, or 0.38 percent, at 2,171.76.
Although the banks' robust results cheered the market, analysts raised concerns over how sustainable these types of profits would be in the long term.
The Dow's gains were limited as Boeing Co
(Editing by Jan Paschal)