Financial stocks lead an early gain on Wall Street

AP News
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Posted: Jan 19, 2016 9:42 AM
Financial stocks lead an early gain on Wall Street

NEW YORK (AP) — U.S. stocks are opening higher, led by gains in banks and technology companies.

Morgan Stanley gained 1 percent early Tuesday after the investment bank reported better earnings and revenue than analysts were expecting. Bank of America also edged up.

Not all the earnings news was good. Tiffany sank 6 percent after reporting a decline in jewelry sales during the holiday season.

The Dow Jones industrial average was up 165 points, or 1 percent, to 16,151 as of 9:35 a.m. Eastern.

The Standard & Poor's 500 index rose 17 points, or 0.9 percent, to 1,898. The Nasdaq composite gained 39 points, or 0.9 percent, to 4,527.

U.S. markets were closed Monday for the Martin Luther King, Jr. Day holiday.