Stocks opened decisively higher on Wednesday as corporate earnings and the prospect of lower interest rates brought cheer to traders and investors. But the rally was fading a bit in the late morning.
Morgan Stanley shares jumped nearly 7% after its earnings report showed better results than those of rival Goldman Sachs. Wells Fargo, which reported bullish results on Tuesday, also hit a new high.
Big-cap stocks were higher. Tech-giant Oracle jumped nearly 3% to $353.30.
To confirm the point about interest rates, the strongest sector to start the day was utilities, whose prices are heavily impacted by what happens in the bond markets.
Traders work on the floor of the New York Stock Exchange.Getty
The 10-year Treasury yield was just above 4%, the lowest level seen this year. It briefly dropped to 3.998%. Mortgage rates have slowly been dropping as well and are now at around 6.3%.
The Standard & Poor’s 500 Index was up 0.5% at 6,674 at noon ET. The The Nasdaq Composite, which had been up more than 200 points earlier, was up 149 points to 22,670, and the Dow Jones Industrial Average, which had nearly reached 46,700, was up 91 points, or 0.2% at 46,356.
Wal-Mart, Wells Fargo, Caterpillar, and Southern Co. were among stocks hitting 52-week highs. Southern shares reached as high as $100.24 but fell back to $99.25, down 0.43%.
Most prominent among stocks hitting 52-week lows was insurance company Progressive Corp., whose quarterly earnings missed estimates because of issues in Florida. Shares were down 7.9% at $221.36.
This story was originally reported by TheStreet on Oct 15, 2025, where it first appeared in the Investing News & Strategies section. Add TheStreet as a Preferred Source by clicking here.