Stocks opened higher on the heels of solid earnings reports form some of the nation’s largest banks. The reports lifted the market at the open and once it found its level, proceeded to move in a narrow trading range throughout the morning. The banks have gotten the earnings season off to a good start, but investors continue to exercise caution as they remain concerned about the trade war and government shutdown effects on the market.

ECONOMIC EVENTS: In the U.S., import prices declined 1.0% in December, and export prices dropped 0.6%. The NAHB housing market index bounced 2 points to a reading of 58 in January.

COMPANY NEWS: Shares of Goldman Sachs (GS) have jumped 8% after the bank reported better than expected fourth quarter earnings and revenue. Bank of America (BAC), which also posted better than expected earnings and revenue for the last three months of 2018, is rallying 7%.

Shares of United Continental (UAL) are on the rise after the company reported stronger than expected quarterly results and issued an upbeat outlook for earnings growth in 2019, coming in direct contrast to recent reports from peers Delta (DAL) and American Airlines (AAL).

In M&A news, Fiserv (FISV) announced an agreement to acquire First Data Corporation (FDC) in an all-stock transaction. Under the terms of the agreement, First Data shareholders will receive Fiserv shares valued at $22B, which represents $22.74 based on closing prices as of January 15, the companies stated. Following closing, Fiserv shareholders will own 57.5% of the combined company, and First Data shareholders will own 42.5%.

MAJOR MOVERS: Among the noteworthy gainers was Mercer (MERC), which rose 17.5% after being added to the S&P Smallcap 600 index. Also higher was ViewRay (VRAY), which gained 8.5% after being initiated with Buy at Guggenheim. 

Among the notable losers was Aptinyx (APTX), which plunged 73% after NYX-2925 didn't achieve a stastically significant separation from the placebo in a Phase 2 clinical study. Also lower was Snap (SNAP), which dropped 11% after the company announced that chief financial officer Tim Stone will be leaving the company after less than a year. 

INDEXES: Near midday, the Dow was up 113.16, or 0.47%, to 24,178.75, the Nasdaq was up 8.50, or 0.12%, to 7,032.33, and the S&P 500 was up 5.12, or 0.20%, to 2,615.42.