Stocks Opened Higher, Led by Banks

U.S. stocks opened higher on Wednesday, as Goldman Sachs (GS) and Bank of America delivered stronger-than-expected earnings results for the fourth quarter. The Dow Jones Industrial Average lately climbed 142.48 points, or 0.59%, to 24,208.07. The S&P 500 advanced 10.84 points, or 0.42%, to 2,621.14. The Nasdaq Composite gained 49.00 points, or 0.70%, to 7,072.84.

Oil futures edged lower on Wednesday as supply data provided little guidance. West Texas Intermediate crude for February delivery  was down 38 cents, or 0.7%, at $51.73 a barrel. March Brent crude slipped 23 cents, or 0.4%, to $60.43 a barrel.

Goldman reported fourth quarter adjusted earnings per share of $6.05, outpacing analysts’ estimates of $4.53. The firm posted revenue of $8.08 billion for the quarter, topping analysts’ forecasts of $7.54 billion.

Bank of America (BAC) reported record earnings on Wednesday, delivering adjusted earnings per share of 70 cents, beating analyst estimates of 63 cents. Revenue for the fourth quarter came in at $22.7 billion, also beating estimates of $22.36 billion.