A sharp drop in first time applications for unemployment benefits lifted the markets to a higher open with the Dow rising 28 points to 12,607. Nasdaq gained 17 points to 2787.
On the upside
Bank of America (NYSE: BAC) reversed year ago losses to post a profit for the fourth quarter.
Morgan Stanley (NYSE: MS) reported a loss for the fourth quarter that was smaller than expected.
First quarter earnings for F5 Networks (Nasdaq: FFIV) rose to top analyst estimates.
On the downside
Johnson Controls (NYSE: JCI) reported higher first quarter earnings and revenue but the results missed analyst expectations and the company cut its outlook for the year.
Nordic American Tankers (NYSE: NAT) priced its offering of 5.5 million common shares.
Investors locked in profits on Energy Conversion Devices (Nasdaq: ENER), whose stock price surged after paying down debt last week.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 780.
