Mixed reactions to better-than-expected earnings reports
The S&P 500 is up 1.3% to trade at session highs. The initial reaction to earnings reports was positive for those that reported, but some shares have either turned negative or pared gains in response. Wells Fargo (WFC 45.73, -0.32, -0.7%) and Walgreens Boots Alliance (WBA 46.72, -0.56, -1.2%), for example, are now trading lower following their better-than-expected reports. Morgan Stanley (MS 98.80, +0.12, +0.1%) and Citigroup (C 70.53, +0.08, +0.2%) are up modestly following their reports. Bank of America (BAC 44.03, +0.89, +2.1%), though, is still sporting a solid 2% gain after beating top and bottom-line estimates.