© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. REUTERS/Brendan McDermid
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By Chuck Mikolajczak
NEW YORK (Reuters) – U.S. stocks advanced on Tuesday, partly boosted by a round of solid bank earnings which helped put the Dow on track for its longest streak of daily gains in more than two years.
Morgan Stanley (NYSE:MS) shares jumped 5.99%, on track for its biggest one-day percentage gain since November, after topping expectations as growth in its wealth management business offset lower trading revenue.
Bank of America (NYSE:BAC) gained 4.18% after its profit beat expectations as it earned more from customers’ loan payments, while investment banking and trading fared better than expected.
Some of the largest U.S. banks, including JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC), last week reported higher profits, helped by the U.S. Federal Reserve’s rapid interest rate hikes, signaling a resilient economy.
Shares of other banks such as Bank of New York Mellon (NYSE:BK) and PNC Financial (NYSE:PNC) also rose after they reported quarterly results.
“They are surprising. This morning all the banks reported, all beat earnings expectations and all except PNC beat revenue expectations,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
“I always hate to extrapolate the big bank earnings, which are always the first ones, to the rest of the market. We have a lot more coming here but earnings estimates have been brought down and banks are able to surprise.”
The Dow Jones Industrial Average rose 368.31 points, or 1.06%, to 34,953.66, the S&P 500 gained 33.57 points, or 0.74%, at 4,556.36 and the Nasdaq Composite added 126.32 points, or 0.89%, at 14,371.27.
The Dow is on track for its seventh-straight session of gains, its longest streak since March 2021.
Some of the largest U.S. banks such as JP Morgan last week cited a profit boost from higher rates and indicated the economy remained resilient.
The S&P 500 banks index rose 1.93%, hitting its highest levels since March 10, when the start of a mini-bank crisis created a sharp sell-off in the sector. The KBW regional banking index climbed 3.71% and hit its highest level since March 27.
Charles Schwab (NYSE:SCHW) rallied 12.27% as the best performer on the S&P 500 after the brokerage posted a smaller-than-expected drop in quarterly profit.
Equities have rallied recently, with the S&P 500 and Nasdaq climbing to 15-month highs on data showing economic resilience, cooling inflation and a solid labor market.
Data released early on Tuesday showed retail sales rose less than expected in June on a decline in building materials and service station receipts, although consumers boosted or maintained their spending levels. In addition, production at domestic factories unexpectedly fell during the month, but rebounded in the second quarter as motor vehicle output accelerated.
UnitedHealth (NYSE:UNH) bolstered the Dow as it climbed 12.27% after Bernstein upgraded the health insurer to an “outperform” rating.
Advancing issues outnumbered decliners on the NYSE by a 2.49-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored advancers.
The S&P 500 posted 47 new 52-week highs and two new lows; the Nasdaq Composite recorded 141 new highs and 66 new lows.
Source: Investing.com
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