Financial Stocks Lead Wall Street Gain

Financial Stocks Lead Wall Street Gain

NEW YORK (AP) -- U.S. stocks are rising Tuesday morning after sharp sell-offs last week. Strong results from investment bank Morgan Stanley gave financial stocks a boost.

KEEPING SCORE: The Dow Jones industrial average gained 132 points, or 0.8 percent, to 16,119 as of 10:15 a.m. Eastern. The Standard & Poor's 500 index added 14 points, or 0.8 percent, to 1,894. The Nasdaq composite index rose 34 points, or 0.8 percent, to 4,522.

U.S. markets were closed Monday for the Martin Luther King, Jr. Day holiday. Stocks fell sharply on Friday, and the first two weeks of this year were the worst start to a year in the history of the Dow and the S&P 500 index.

BANKING STOCKS Morgan Stanley traded higher after the company said it turned a profit in the fourth quarter. Morgan Stanley reported better results from its wealth management business and investment banking. Its shares picked up 77 cents, or 3 percent, to $26.74.

TIFFANY TUMBLES: Jewelry retailer Tiffany fell after it said sales dropped in the fourth quarter. The company also forecast minimal growth in 2016. The stock lost $3.72, or 5.5 percent, to $63.94.

EARNINGS: Delta Air Lines reported a bigger fourth-quarter profit because of falling fuel prices. Delta expects fuel to be even less expensive in the first quarter. Its shares rose $1.25, or 2.8 percent, to $45.75. Health insurer UnitedHealth Group posted stronger-than-expected results in the fourth quarter. Its stock rose $3.50, or 3.2 percent, to $112.77.

OVERSEAS: European and Asian stocks rallied after China's quarterly economic growth met expectations. While growth in China continues to slow down, the results calmed investors who thought conditions might get worse. China is the second-largest economy in the world, and stocks have tumbled this year because of worries about the health of its economy.

France's CAC 40 rose 2 percent and Germany's DAX added 1.5 percent. Britain's FTSE 100 gained 1.7 percent. China's Shanghai Composite surged 3.2 percent and Hong Kong's Hang Seng gained 2.1 percent. Japan's Nikkei 225 inched up 0.5 percent.

ENERGY: Benchmark U.S. crude fell 28 cents, or 0.8 percent, to $29.17 a barrel in New York. Brent crude, a benchmark for international oils, rose 98 cents, or 3.4 percent, to $29.52. Energy and mining stocks continued to fall on concerns about reduced worldwide demand.

CURRENCIES: The U.S. dollar edged up to 117.69 yen from 117.50 yen on Monday. The euro rose to $1.0899 from $1.0885. The yield on the 10-year Treasury note, which has slumped this year, edged up to 2.06 percent from 2.04 percent.

(KA)