U.S. Stocks Buoyed by Morgan Stanley Earnings and Stable China GDP Growth
U.S. stocks moved higher Wednesday driven by corporate earnings and stable growth from China, the world's second largest economy. China's gross domestic product rose 6.7% in third quarter on an annualized basis, fueled by government stimulus. That's in-line with economists' estimates and matched the growth seen in the first and second quarters. For 2015, China's economy grew 6.9%. Morgan Stanley (MS) - Get Report shares rose over 1% as a 61% surge in third quarter bond trading revenue helped the investment bank best Wall Street's forecasts on both the top and bottom lines. Earnings of $0.81 a share topped estimates of $0.63, while revenue of $8.91 billion eclipsed forecasts of $8.13 billion. Oil field services giant Halliburton (HAL) - Get Report reported a surprise profit for its most recent quarter, earning an adjusted $0.01 a share, compared to a $0.06 a share loss during the same quarter a year ago and topping the $0.06 a share loss analysts were expecting. Revenue of $3.8 billion fell short of the $3.9 billion Wall Street was expecting. TheStreet's Scott Gamm reports from Wall Street.
