Stocks Opened Higher; Dow Up 200

U.S. stocks opened sharply higher, with the Dow Jones Industrial Average jumping by more than 200, powered by earnings beats and more stimulus from China’s central bank. The Dow Jones Industrial Average lately jumped 232.82 points, or 1.31%, to 18,059.12. The S&P 500 rose 19.24 points, or 0.92%, to 2,100.42. The Nasdaq Composite was up 43.01 points, or 0.87%, to 4,974.83.

Morgan Stanley reported a better-than-forecast 60% surge in first quarter earnings, bolstered by strong trading results, particularly in equities, and improving margins at its wealth management division. Morgan Stanley reported adjusted earnings per share of $1.18 on net revenue of $9.9 billion, sharply exceeding estimates.

Hasbro Inc. posted better-than-expected revenue and profit in its first quarter, as the toy maker logged growth despite foreign exchange impacts. For the period ended March 29, Hasbro posted a profit of $26.7 million, or 21 cents a share, compared with $32.1 million, or 24 cents a share, a year earlier.

The Chinese central bank lowered the amount of money banks need to keep in reserve by 1 percentage point, a move designed to spur economic growth there by freeing up more cash that could be used by banks to lend to small and mid-sized businesses.

Prologis Inc., a big owner of warehouses and retail-distribution centers, has agreed to buy industrial-property owner KTR Capital Partners for $5.9 billion, in one of the largest real estate deals so far this year.

About the Author

has written 14548 stories on this site.

Copyright © 2012 Nine Stocks