More good economic news as stocks turned higher on Wednesday morning. After a shaky start, stocks managed to turn higher, led by by strength in technology and financials.
As expected Wells Fargo did very well during the first quarter. Wells Fargo had topped projections made earlier this month mainly do to the spike in mortgage refinancing. Wells Fargo posted a record first quarter profit of $3.05 billion. This enabled them to displace Bank of America Corp. as the nation's largest home builder.
Other good news on Wednesday was from Apple. The computer and consumer electronics maker beat analysts' profit and sales estimates. The Surging iPhone sales offset weakness in Mac Sales.
Good news to look forward to on Thursday includes: Microsoft will report results after the close. Software leader Microsoft is expected to report a profit of 39 cents per share versus 47 cents a year ago. Also after closing, Amazon.com (AMZN) is expected to report earnings. Other companies reporting results on Thursday: UPS (UPS), PepsiCo (PEP), Raytheon (RTN), and Amgen (AMGN).
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