NEW YORK, April 26 — Wall Street stocks opened higher today, lifted by strong earnings from Microsoft and other large companies, although shares of First Republic Bank tumbled again.
Dow component Microsoft jumped about seven percent after reporting a profit of US$18.3 billion, in results that were boosted by cloud computing and artificial intelligence.
But First Republic fell 15.7 per cent, the latest rout in the aftermath of its Monday disclosure that showed significant deposit erosion amid worries over the lender's future.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 33,574.15.
The broad-based S&P 500 added 0.2 per cent at 4,079.12, while the tech-rich Nasdaq Composite Index gained 0.8 per cent to 11,898.70.
Major US indices dropped more than one per cent Tuesday after a selloff in First Republic spurred losses in other regional banks.
Among other big movers, Activision Blizzard dropped 9.6 per cent after British officials blocked Microsoft's proposed US$69-billion takeover of the US video game company on antitrust grounds.
Among others reporting results, shares of Boeing gained 2.8 per cent while Visa advanced 0.6 per cent. — AFP
