WALL STREET STOCKS LEAPED ON WEDNESDAY AFTER ROBUST EARNINGS REPORTS BY TWO LEADING U.S. COMPANIES, WHILE OTHER MAJOR EQUITY MARKETS ENDED FLAT AND THE DOLLAR SLIPPED, REUTERS REPORTED. AROUND MIDDAY U.S. BLUE CHIPS RALLIED ENOUGH TO PUSH THE MAJOR INDEXES UP BY MORE THAN 1 PERCENT AS STRONG CORPORATE EARNINGS REASSURED INVESTORS THAT PROFITS WILL STILL GROW EVEN IF INTEREST RATES KEEP RISING. INVESTMENT BANK MORGAN STANLEY MORE THAN DOUBLED ITS SECOND-QUARTER PROFIT, WHICH HELPED LIFT OTHER INVESTMENT BANK STOCKS. PACKAGE DELIVERY COMPANY FEDEX ALSO BEAT ANALYSTS' EXPECTATIONS WITH ITS EARNINGS. THE WORLD'S LARGEST AIR-EXPRESS CARRIER IS OFTEN VIEWED AS A GAUGE OF OVERALL U.S. BUSINESS ACTIVITY AND SPENDING, SO THE EARNINGS HELPED ASSUAGE INVESTOR CONCERN ABOUT THE IMPACT OF CONTINUED RATE RISES ON ECONOMIC GROWTH. "FEDEX AND MORGAN STANLEY (ARE) HELPING TO DRIVE THINGS," SAID PETER BOOCKVAR, EQUITY STRATEGIST AT MILLER, TABAK & CO. BUT HE NOTED THAT "SENTIMENT IS EXTREMELY NEGATIVE ... SO THE MARKET IS AGAIN TRYING TO PUT IN SOME SIGNS OF STABILIZATION." THE DOW JONES INDUSTRIAL AVERAGE .DJI WAS UP 1.3 PERCENT AT 11,117.41 POINTS, WHILE THE STANDARD & POOR'S 500 .SPX WAS UP 1.3 PERCENT AT 1,256.18 POINTS AND THE NASDAQ COMPOSITE .IXIC ROSE 1.89 PERCENT TO REACH 2,146.80. STOCKS IN BOTH EUROPE AND JAPAN FINISHED FLAT. THE PAN-EUROPEAN FTSEUROFIRST 300 INDEX CLOSED 0.03 PERCENT UP AT 1,276.47. THE NIKKEI ENDED DOWN 4.15 POINTS AT 14,644.26.
