U.S. stocks rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.
The Dow Jones Industrial Average jumped about 505 points, or 1.5%. The S&P 500 gained 1.6% and the Nasdaq Composite added 1.7%.
Third-quarter earnings season continued Thursday with several big banks and Dow members reporting financial results before the bell.
Eight members of the S&P 500 reported earnings this morning and all eight beat earnings-per-share expectations from Wall Street.
“So far, the overwhelming majority of large US companies have been able to generate higher profitability despite rising labor costs because sales growth has been so robust. We expect the same to be true in 3Q,” Mark Haefele, chief investment officer of UBS Global Wealth Management, said in a note Thursday
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