Opening Bell: U.S. Stocks Rise on China Stimulus Hopes; Morgan Stanley’s Profit Jumps
Global stocks rose on Tuesday as investors clung to hope that Chinese officials will stimulate the world’s second largest economy, after a report which showed that its 2015 growth was the slowest in 25 years. 'The market had gotten absolutely punished for the first week and a half of the year so it's not surprising that you're getting some kind of bounce off of what I guess was not quite a disaster in China,’ said Ian Winer, head of equity trading at Wedbush Securities, based in Los Angeles. Bank of America (BAC) reported fourth quarter results of $0.28 a share, beating estimates by two cents. But, revenue was slightly below estimates. Bank of America is owned by Action Alerts PLUS, the charitable trust managed by TheStreet’s Jim Cramer. Rival Morgan Stanley (MS) posted fourth quarter profits of $0.39 a share, compared to estimates of $0.33. Trading revenue rose 1 percent. Finally, Delta Air Lines’ (DAL) earned $1.18 a share, missing estimates by a penny, though profit for the year of $5.9 billion was a record for Delta. TheStreet’s Scott Gamm reports from Wall Street.
