The Globe and Mail reports in its Thursday, Oct. 17, edition that U.S. and Canadian stocks rose Wednesday, driven by strong profit reports from Morgan Stanley and United Airlines. An Associated Press dispatch to The Globe reports that the S&P 500 gained 0.5 per cent, recovering from a previous decline, while the Dow Jones Industrial Average increased 337 points (0.8 per cent) to set a new record. The Nasdaq composite added 0.3 per cent. In Toronto, the S&P/TSX Composite also gained 0.5 per cent, closing at a record high of 24,561.20, with utility stocks leading gains. This positive trend was supported by softer-than-expected inflation data that lowered bond yields. Morgan Stanley surged 6.4 per cent in New York after exceeding profit expectations, highlighting a strong global business. Energy stocks remained relatively stable, with Exxon Mobil seeing a 0.3-per-cent increase after experiencing significant losses the previous day. These stocks have generally been tracking the price of oil, which has declined due to easing concerns about Israel potentially attacking Iranian oil facilities. Since Iran is a major crude producer, such an attack could disrupt its exports to China and other countries.