U.S. and Canadian stocks rose Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies.
The S&P 500 gained 0.5% to recover much of the slide from its all-time high the day before because of tumbling energy and technology stocks. The Dow Jones Industrial Average rose 337 points, or 0.8%, to set its own record, and the Nasdaq composite added 0.3%.
The S&P/TSX Composite gained half a percentage point to close at a record high of 24,561.20. Utility stocks were among the biggest advancers, with investors finding encouragement from softer-than-expected inflation data on Tuesday, which helped to drive bond yields lower over the last two days.
Morgan Stanley rallied 6.4% after reporting stronger profit for the latest quarter than analysts expected. CEO Ted Pick said the investment bank enjoyed a “constructive environment” in its businesses around the world. And with stock prices…
