Stocks Opened Slightly Higher amid Earnings

U.S. stocks opened slightly higher on Wednesday, as investors digested corporate quarterly results from a host of major banks. The Dow Jones Industrial Average lately rose 37.62 points, or 0.13%, to 28,717.43. The S&P 500 gained 4.25 points, or 0.12%, to 3,516.18. The Nasdaq Composite advanced 24.13 points, or 0.20%, to 11,888.03.

Oil futures slipped Wednesday after a report by the International Energy Agency underlined fears that an acceleration in new COVID-19 cases around the world will dent demand for crude. West Texas Intermediate crude for November delivery was down 10 cents, or 0.3%, at $401.0 a barrel. December Brent crude was off 5 cents, or 0.1%, at $42.40 a barrel.

Goldman Sachs (GS) posted third-quarter sales and profit that were stronger than expected. Earnings of $9.68 per share were much better than the $5.53 expected, and net revenue of $10.78 billion was also ahead of the $9.40 billion consensus.

Bank of America Corp. (BAC) reported a third-quarter profit that topped expectations but revenue that fell shy. Net income fell to $4.9 billion, or 51 cents a share, from $5.8 billion, or 56 cents a share, in the year-ago period. Total revenue declined 10.8% to $20.34 billion.

Wells Fargo & Co. (WFC) reported a third-quarter profit that was less than half what it was last year and was below expectations, while revenue topped forecasts. Net income fell to $1.72 billion, or 42 cents a share, from $4.04 billion, or 92 cents a share, in the year-ago period. Total revenue dropped 14% to $18.86 billion.

UnitedHealth Group Inc. (UNH) reported third-quarter profit and revenue that beat expectations and raised its full-year outlook. Net income fell to $3.17 billion, or $3.30 a share, from $3.54 billion, or $3.67 a share, in the year-ago period. Revenue rose 7.9% to $65.12 billion. UnitedHealth raised its 2020 adjusted EPS guidance range to $16.50 to $16.75 from $16.25 to $16.55.