Dow rises 133 points on better-than-expected earnings

Traders and financial professional work ahead of the closing bell on the floor of the New York Stock Exchange Jan. 12 2018 in New York City

Morgan Stanley wrapped up earnings season for the big US banks with a better-than-expected quarterly profit, driving modest gains in its shares. The S&P 600 Index closed at 968.88 for a gain of 8.76 points or 0.91%.

The Standard & Poor's 500 index fell 4.53 points, or 0.2 percent, to 2,798.03.

Investors kept an eye on the latest company earnings news while also monitoring developments in Washington ahead of a possible federal government shutdown this weekend.

Stocks closed broadly higher Wednesday, sending the Dow Jones industrial average to its first close above 26,000 points.

The S&P 500 posted 84 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 120 new highs and 22 new lows. Microsoft rose 2 percent. The Nasdaq gained 74 points to 7,298.

Wall Street's main indexes rose on Wednesday as investors' expectations for higher earnings lifted stocks across sectors.

Trump Administration Accepts DACA Applications
A related amnesty for the illegal-immigrant parents of children born in the United States was also struck down by a Texas judge. In September, Trump ended DACA, which had been in place since 2012. (Photo by Dougal Brownlie, The Gazette).

In small-caps, the Russell 2000 Index closed at 1,586.36 for a gain of 13.39 points or 0.85%.

Alcoa tumbled 7.5 percent after the aluminum producer's earnings missed analysts' estimates.

Laszlo Birinyi, longtime strategist and founder of Birinyi Associates, said earlier Tuesday that he sees clear signs the market is going into a period of consolidation, and he is now not setting a target for the S&P 500, after it crossed his last one at 2,760.

Republicans are seeking to pass a temporary extension in funding government operations to avert a shutdown. Only the 1991-92 winning stretch saw the stock market gain 1% in the month following the end of that winning run.

European bourses opened lower, mirroring moves in Asia and Wall Street overnight, as earnings updates from companies weighed. Wyndham gained $5.60, or 4.8 percent, to $122.73. It was the Dow's biggest intraday swing since December 1. Copper rose 1 cent to $3.20 a pound.

Industrial stocks rose after the Federal Reserve said USA industrial production increased 0.9 percent in December.

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