Midday Report: Morgan Stanley Boosts Financials; IBM Drags Dow Into Red

Earnings take center stage again with a disappointment from IBM and a better-than-expected performance from Morgan Stanley dividing markets.

Author:: Keris Alison Lahiff
Publish date:: Apr 19, 2017 12:04 PM EDT

Earnings took center stage again with a disappointment from IBM (IBM) - Get Report and a better-than-expected performance from Morgan Stanley (MS) - Get Report dividing markets. The Dow fell for its second day in a row. Morgan Stanley gave rise to the financials sector after posting increases in its quarterly earnings and revenue. The New York-based firm joined Citigroup (C) - Get Report , JPMorgan (JPM) - Get Report and Bank of America (BAC) - Get Report in reporting a solid first quarter. Crude oil prices held near the flatline after a weekly reading on inventories showed a decline, though not as steep as analysts anticipated. U.S. stockpiles shrank by 1 million barrels, more than half the drop a week earlier. Abbott Laboratories (ABT) - Get Report was active after beating estimates on its top- and bottom-line. Sales grew nearly 30% in a year full of acquisitions and product launches.