Stocks Edged Higher on Morgan Stanley Earnings

U.S. stocks edged up early on Wednesday as Morgan Stanley topped earnings expectations and as crude-oil prices traded above $51 a barrel, lifting sentiment somewhat. The Dow Jones Industrial Average lately gained 34.76 points, or 0.19%, to 18,196.70. The S&P 500 advanced 1.99 points, or 0.09%, to 2,141.59. The Nasdaq Composite was off 1.23 points, or 0.02%, to 5,242.61.

Morgan Stanley said its quarterly earnings rose 57%, beating expectations. The New York-based firm reported a profit of $1.6 billion, or 81 cents a share. That compares with the $1.02 billion, or 48 cents a share, it reported in the same period last year. Revenue grew 15% to $8.91 billion from $7.77 billion a year earlier.

Crude oil prices edged higher on Wednesday on the prospect of an OPEC production cut and data showing a drawdown in U.S. crude inventories. Brent crude rose 1.47% to $52.44 a barrel. West Texas Intermediate futures gained 1.49% to $51.04 a barrel.

U.S. single-family starts surged in September, pointing to sustained housing market strength. Groundbreaking on single-family housing projects, which accounts for the largest share of the residential housing market, jumped 8.1 percent to a 783,000-unit pace last month, the Commerce Department said on Wednesday. That was the highest level since February.