US Stocks Rise After Large Bank Results

Nasdaq US Stocks Rise After Large Bank Earnings

US Stocks rise as Tuesday saw a continuation of the previous session’s advances for US stocks after Goldman Sachs became the latest bank to report stronger than anticipated quarterly results.

By mid-afternoon in New York, the technology-heavy Nasdaq Composite had risen 1.2 percent while the benchmark S&P 500 index was up 1.3%. The regional Stoxx 600 index for Europe and the Hang Seng index for Hong Kong both finished up by 0.3% and 1.8%, respectively.

These stock market gains came after a rise on Monday when the S&P 500 closed 2.6% higher thanks to Bank of America’s better-than-anticipated third-quarter results. BofA credited “resilient” US consumers with its profits.

Investors have been looking for signs of stress from high inflation and rising borrowing costs in the most recent company financial results.

Jim Reid, a strategist at Deutsche Bank, noted that “the UK news has again looked to substantially influence global markets over the last 24 hours after the UK government officially revealed one of the largest U-turns in political history and dumped the majority of what was left of their mini-Budget.”

Recent advances on the stock market are viewed as ephemeral by some analysts and investors. A worldwide stock market index known as the FTSE has lost 25% of its value this year, and this month it ended the longest run of quarterly losses since 2008.

Kasper Elmgreen, head of equities at Amundi, referred to a BofA study released on Tuesday that revealed 72% of fund managers expected a weaker economy in a year as saying, “Sentiment has been particularly down.”

Source: Financial Times

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