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October 21, 2009

Stocks rise as profits at banks provide boost

TIM PARADIS

NEW YORK (AP) — Investors are finding encouragement from the latest batch of earnings reports.



Stocks are higher Wednesday after the banks Morgan Stanley, US Bancorp and Wells Fargo posted better results for the July-September quarter. But all had higher loan losses, bringing fresh reminders that the broader economy is struggling even as the financial industry recovers.



The dollar is lower against other major currencies. That is lifting commodity prices and, in turn, helping energy and materials stocks.



At midday, the Dow is up 47 at 10,088. The Standard & Poor's 500 index is up 7 at 1,098, and the Nasdaq composite index is up 16 at 2,179.

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