Midday Report: Stocks Turn Higher as Big Banks' Earnings Beat Wall Street's Expectations

Stocks struggled for direction, but turned positive after earnings from three big U.S. banks kicked off the quarterly reporting season. The financial and technology sectors were higher while utilities and energy dragged on markets.
JPMorganChase's (JPM) - Get Report shares rose after reporting first-quarter earnings of $1.65 a share on revenue of $25.59 billion, beating analysts' expectations. A year earlier, the bank earned $1.35 a share on revenue of $24.08 billion.  Citigroup (C) - Get Report earned $1.35 a share in the first quarter, topping forecasts of $1.23 a share. The stock rose following the first quarter results. Finally, Wells Fargo (WFC) - Get Report shares declined after the company earned $1 a share in the first quarter, beating estimates by 4 cents. However, Warren Buffett's Berkshire Hathaway said it sold more than 7 million shares of the bank, which kept its ownership stake below 10%.