Wall Street Today: US Stocks Rally on Strong Bank Earnings, Morgan Stanley Soars 7%, BofA Up 4%
US stocks surged as strong bank earnings lifted Wall Street, with Morgan Stanley jumping 7% and Bank of America up 4%. Markets also saw gains in gold and crude oil amid US-China trade optimism.
Wall Street rallies on Wednesday as strong earnings from Morgan Stanley and Bank of America drive US stock market gains.
The US stock market was high on Wednesday, driven by excellent financial results from the banks and a little hope regarding the US-China trade talks. Scott Bessent, the Treasury Secretary, showed trust in the talks with Beijing and stated that the talks were “at a very high level.”
Upon the market opening, the Dow Jones Industrial Average increased by 104.7 points (0.23%) to 46,375.17, the S&P 500 advanced 44 points (0.66%) to 6,688.27, and the Nasdaq Composite gained 216.8 points (0.96%) to 22,738.50. Among the winners, Bank of America shares jumped 4%, and Morgan Stanley soared 7% after announcing great third-quarter earnings.
Crude Oil Market:
Oil prices recovered from the previous session’s five-month low, as investors reconsidered trade disputes between the US and China. Brent crude gained 53 cents (0.85%) to $62.92 a barrel, and US WTI crude gained 62 cents (1.06%) to $59.32 a barrel.
Bullion Market:
Gold surpassed its own record rally and hit $4,200 per ounce due to speculations of interest rate cuts and global political uncertainties. Spot gold went up 1.6% to $4,206.59, with an intraday high of $4,217.95, while US December gold futures climbed 1.4% to $4,222.30. The demand for other precious metals also increased, with silver growing 2.4% to $52.69, platinum and palladium rising by 1.2% and 1% respectively to $1,657.45 and $1,541.50.
US investors are still watching for trade developments and corporate earnings which are major factors that market momentum is driven by.
