Market movers Dow Jones: +42 at 13,368
S&P 500: +3 at 1,436
NASDAQ Composite: +6 at 3,057
LONDON (SHARECAST) - US stocks have got off to a solid start, boosted by an unexpected rise in consumer confidence.
The Thomson Reuters/University of Michigan preliminary October consumer sentiment index had been tipped to slide to 78.0 from from 78.3 from September, but in fact rose to 83.1.
Banking results season kicks off
Two banking giants had varying fortunes as the third quarter results season got under-way, with JP Morgan topping expectations and Wells Fargo falling short of them.
JP Morgan reported third quarter earnings per share (EPS) of $1.40, 20 cents above the $1.20 that the market consensus was anticipating. The bank reported a profit of $5.7bn compared to $4.3bn generated in the year-ago period.
Revenue rose by 6% to $25.9bn compared to $23.76bn a year earlier and the $24.12bn expected by the market.
JP Morgan Chief Executive Jamie Dimon said that the US housing market "has turned the corner" and that the bank would be reducing the amount set aside to cover losses from mortgages. Dimon also said that there has been continued momentum and a strong performance across all businesses. Revenue rose in every business line.
Wells Fargo's third quarter revenue was a shade shy of the $21.41bn Wall Street was expecting at $21.37. EPS of 88 cents was slightly above the 87 cents median forecast, however.
Computer chip firm Advanced Micro Devices continues to struggle. After the bell last night it warned that third quarter revenue would be below expectations. The firm now expects third quarter revenues will be about a tenth lower than in the second quarter.
Other markets
Crude oil for Novemeber delivery rose 17 cents to $92.24 a barrel in early trading on the New York Mercantile Exchange.
US Treasuries are little changed. The yield on the benchmark 10-year note is down to 1.66% from 1.67% overnight.
S&P 500 - Fallers
Advanced Micro Devices Inc. (AMD) $2.90 -9.38%
Alpha Natural Res (ANR) $8.04 -5.96%
E*TRADE Financial Corp. (ETFC) $9.00 -3.43%
Dollar Tree Stores Inc. (DLTR) $41.99 -2.98%
SunTrust Banks Inc. (STI) $29.34 -2.82%
Wells Fargo & Co. (WFC) $34.26 -2.62%
Harris Corp. (HRS) $49.55 -2.56%
NRG Energy Inc. (NRG) $23.06 -2.49%
First Horizon National Corp. (FHN) $9.70 -2.46%
DeVry Inc. (DV) $23.70 -2.39%
Dow Jones I.A - Risers
Boeing Co. (BA) $71.99 +1.64%
Hewlett-Packard Co. (HPQ) $14.46 +1.47%
Wal-Mart Stores Inc. (WMT) $75.85 +1.12%
Home Depot Inc. (HD) $59.67 +1.12%
Caterpillar Inc. (CAT) $83.75 +1.09%
Merck & Co. Inc. (MRK) $45.92 +1.05%
Dow Jones I.A - Fallers
Bank of America Corp. (BAC) $9.26 -0.86%
AT&T Inc. (T) $36.10 -0.44%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $55.81 +2.52%
Celgene Corp. (CELG) $79.61 +2.43%
CH Robinson Worldwide Inc (CHRW) $60.27 +2.33%
Electronic Arts Inc. (EA) $13.31 +1.99%
Wynn Resorts Ltd. (WYNN) $114.64 +1.94%
Mattel Inc. (MAT) $35.89 +1.82%
Virgin Media Inc. (VMED) $31.01 +1.64%
Baidu Inc. (BIDU) $110.81 +1.63%
Comcast Corp. (CMCSA) $35.69 +1.59%
Nasdaq 100 - Fallers
Infosys Technologies Ltd. (INFY) $43.64 -9.50%
Vertex Pharmaceuticals Inc. (VRTX) $54.92 -3.45%
Dollar Tree Stores Inc. (DLTR) $41.99 -2.98%
Seagate Technology Plc (STX) $27.77 -1.70%
Costco Wholesale Corp. (COST) $96.82 -1.54%
LONDON (SHARECAST) - US stocks have got off to a solid start, boosted by an unexpected rise in consumer confidence.
