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US stocks lifted by Delta, BofA earnings

AFP

Wall Street stocks edged up early Wednesday as strong earnings from Delta Air Lines and Bank of America offset a lackluster US retail sales report.

About 40 minutes into trade, the Dow Jones Industrial Average stood at 17,091.18, up 9.29 points (0.05 percent).

The broad-based S&P 500 rose 2.74 (0.14 percent) to 2,006.43, while the tech-rich Nasdaq Composite Index added 9.82 (0.20 percent) at 4,806.43.

The Commerce Department reported US retail sales for September rose just 0.1 percent from August, half the increase expected by analysts.

Delta Air Lines jumped 2.5 percent after reporting third-quarter profit of $1.3 billion, more than three times the year-ago level due in part to lower fuel prices.

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Bank of America rose 2.1 percent as it reported net income of $4.5 billion in the quarter ending September 30, compared with a $232 million loss in the year-ago period due to large legal expenses.

Dow member JPMorgan Chase fell 2.1 percent as its third-quarter earnings came in at $1.32 per share, five cents below analyst expectations.

Wells Fargo fell 1.2 percent after reporting that third-quarter net income edged up 1.2 percent to $5.8 billion. That translated into $1.05 per share, meeting analyst expectations.

Dow member Intel fell 2.3 percent behind a six percent drop in third-quarter profit to $3.1 billion, in part due to the hit from the declining personal-computer business.

Chipmaker SanDisk bolted 13.0 percent higher on reports it has hired bankers and received interest from two of its rivals, Micron Technology and Western Digital. Micron rose 3.8 percent and Western Digital 0.1 percent.

TripAdvisor surged 20.1 percent after announcing a partnership with Priceline in which some Priceline brands will employ TripAdvisor's instant booking program. Priceline dipped 1.1 percent, while another online travel service, Expedia, fell 5.6 percent.

Bond prices rose. The yield on the 10-year US Treasury fell to 2.02 percent from 2.06 percent Tuesday, while the 30-year declined to 2.88 percent from 2.90 percent. Bond prices and yields move inversely.