Stocks hit new highs on Thursday after Morgan Stanley beat analyst expectations with solid fourth-quarter results.
 | THU, JAN 16, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 315.24 | +3.90 | +1.25% | | MSFT | 166.17 | +2.99 | +1.83% | | INTC | 59.66 | +0.72 | +1.22% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 49.77 | +1.23 | +2.52% | | BAC | 34.72 | +0.05 | +0.14% | | F | 9.18 | -0.01 | -0.11% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 49.77 | +1.23 | +2.52% | | AAPL | 315.24 | +3.90 | +1.25% | | CMCSA | 46.87 | +0.59 | +1.27% | |
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Stocks hit record highs again on Thursday with the S&P 500 topping 3,300 for the first time as earnings season continued to deliver solid results. Shares of Wall Street's biggest banks were higher after Morgan Stanley crushed earnings estimates with all three of its main businesses - investment management, wealth management and trading — delivering more revenue than expected. CNBC's Hugh Son reports that the glory days came back for bond traders in 2019. Morgan Stanley, for one, posted a 126% surge in fourth-quarter revenue from its fixed income division. Other big banks also enjoyed significant revenue gains from bond trading.  As for equities, there has been a massive rotation from momentum to value stocks underway since September, but a J.P. Morgan strategist says this investment opportunity isn't even halfway through, writes CNBC's Yun Li. Still, a market at all-time highs gives reasons for caution. CNBC's Maggie Fitzgerald writes that one measure - the price-earnings to growth ratio - has hit the highest level since at least 1986. This could portend a market about to run out of gas. Bank of America equity and quant strategist Savita Subramanian put it this way, "The S&P 500 is running on fumes." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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