Stocks Turned Broadly Positive after Mixed Open

U.S. stocks turned broadly positive after mixed open on Wednesday as retail sales matched economists’ forecasts. The Dow Jones Industrial Average lately rose 13.82 points, or 0.08%, to 17,095.71. The S&P 500 was up 3.94 points, or 0.20%, to 2,007.63. The Nasdaq Composite gained 18.85 points, or 0.39%, to 4,815.46.

U.S. retail sales barely rose in September as cheaper gasoline weighed on service station receipts, but gains in purchases of automobiles and other goods pointed to solid domestic demand that could shield the economy from slowing global growth.The Commerce Department said retail sales edged up 0.1 percent last month.

Bank of America Corp (BAC.N) reported a profit for the third quarter as Chief Executive Brian Moynihan’s cost-cutting efforts helped the bank offset the impact of weak revenue in three of its four main businesses. BofA reported net income of $4.07 billion, or 37 cents per share, attributable to shareholders.

Wells Fargo reported a slight gain in third-quarter earnings on Wednesday, helped by an increase in borrowing from consumers and businesses. The San Francisco-based bank earned $5.44 billion after payments to preferred shareholders, or $1.05 a share, for the three- month period ending in September. That compares with a $5.41 billion, or $1.02 a share, in the same period a year earlier.






Leave a Reply