Wall Street advanced Thursday after Morgan Stanley (NYSE: MS) earnings beat expectations as investors looked ahead to a second day of congressional testimony from Federal Reserve Chairman Ben Bernanke.
Investment bank Morgan Stanley saw second-quarter results jumped to 45 cents per share, above analysts’ expectations, and revenue came in at $8.32 billion, topping expectations for $7.89 billion.
International Business Machines (Nasdaq: IBM) earnings rose to 3.91 per share, from $3.51 a share in the year-earlier period, while revenue fell to $24.9 billion from $25.78 billion a year ago.
Intel Corp. (Nasdaq: INTC) saw second quarter earnings fall to 39 cents a share from 54 cents a share in the year-earlier period as revenue edged down to $12.8 billion from $13.5 billion a year ago.
Ebay Inc. (Nasdaq: EBAY) reported second-quarter earnings of 63 cents per share on revenue of $3.88 billion; however, the e-commerce company offered weaker guidance for the third quarter as it expects third-quarter revenue in the range of $3.85 to $3.95 billion, less than the $3.96 billion expected by analysts.
As of 10:35 a.m. Eastern, the Dow Jones industrial average jumped 77.78 points or 0.5 percent, to 15,548.3, the S&P 500 rose 8.07 points or 0.48 percent, to 1,688.98 and the Nasdaq Composite was up 6.27 points or 0.17 percent, to 3,616.27.