Stocks are rallying

Stocks are rallying following mixed economic data prints on Wednesday and earnings beats.

Near 10:05 a.m. ET, the Dow was up 94 points, the S&P 500 was up 10 points, and the Dow was up 20 points.

Delta Air Lines led the S&P 500 with a rally by more than 3% after reporting first quarter earnings that beat analysts’ estimates.

The latest Empire State manufacturing survey from New York came in at -1.19, widely missing the expectation for a reading of 7.17.

Industrial production slowed more than expected in March, falling 0.6% versus expectations of -0.3%.

Also, the NAHB Housing Market index climbed to 56 in April from 52 in March, beating expectations for 55.

Bank of America reported first quarter earnings that beat on the bottom line and missed on the top line; Adjusted earnings per share came in at $US0.36 on revenues of $US21.4 billion, versus estimates of $US0.29 on revenue of $US21.6 billion.

The Fed’s latest Beige Book with anecdotes about the economy is scheduled for release at 2 p.m.

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