Stock markets in New York closed at higher levels on Monday. Bank stocks were in the spotlight, at the start of a week marked by the release of a series of corporate balance sheets. Bank of America (BofA) rose 6%, after the result cheered the markets. On the trading table, the radar was also a reflection of the UK’s tax cuts.
At the close, the Dow Jones rose 1.86% to 30,185.82 points, the S&P 500 rose 2.65% to 3,677.95 points, and the Nasdaq rose 3.43% to 10,675.80 points.
Shares of Bank of America rose 6.06% Monday, after the bank reported net income of $7.082 billion in the third quarter of this year — higher than analysts had expected. set of facts. The movement was followed by stocks from JPMorgan (+4.20%), Citi (+0.83%), Morgan Stanley (+2.44%) and Wells Fargo (+1.83%).
On the eve of the results’ release, Goldman Sachs shares are also up 2.24%, focusing on the news that the corporation is planning what may be one of Wall Street’s biggest reshaping, with the goal of bringing its core business into three divisions.
Netflix (+6.57%), Tesla (+7.01%) and IBM (+1.23%) are also expected to publish their results this week. Shares of Meta (+5.74%), Apple (+2.91%), Microsoft (+3.92%), Alphabet (+3.53%), Walt Disney (+3.05%) and Amazon (+6.45%) were at the top of this session.
Among the indicators, the Empire State Industrial Activity Index stood out, which fell to -9.1 this month – a decline larger than analysts’ expectations.
In a report, Oxford Economics said the data reading is in line with a broader contraction in the manufacturing sector. The advisory says the survey shows weakness is likely to continue in the coming months, with the futures conditions index dropping 10 points in October to -1.8. “Furthermore, the manufacturers’ outlook for the next six months has been negative after improving in the past two months,” he noted in a note to clients.
The gains on Wall Street follow a positive session in Europe. International markets are absorbing the announcement by Britain’s Chancellor of the Exchequer, Jeremy Hunt, to reverse Britain’s tax cut plans – outlined by Prime Minister Liz Truss at the end of September.
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