US stocks edged higher at the open on Thursday after Bank of America and Morgan Stanley reported earnings and as strong demand at European bond auctions lessened Eurozone debt concerns.
Bank of America Corp climbed 6.9% to $7.28 after it reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans.
Fellow financial Morgan Stanley jumped 6.3% to $18.46 after it posted a quarterly loss but still managed to top analysts' expectations.
The Dow Jones Industrial Average was up 16.50 points, or 0.13%, at 12,595.45. The Standard & Poor's 500 Index rose 4.07 points, or 0.31%, at 1,312.11. The Nasdaq Composite Index added 11.81 points, or 0.43%, at 2,781.52.
