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 370 points, or 1.1%. The S&P 500 gained 1.2% and the Nasdaq Composite added 1.3%.
Third-quarter earnings season rolled on Thursday with several big banks and Dow members reporting financial results before the bell.
Eight members of the S&P 500 reported earnings Thursday morning and all eight beat earnings-per-share expectations from Wall Street.
saw its shares rise in the premarket after beating earnings expectations. , and shares both ticked lower despite earnings beats.
Dow constituent UnitedHealth also gained after the companies’ quarterly results topped estimates and was the top performer on the blue-chip average.
shares ticked down even after the drugstore chain beat expectations. The company announced it would become majority owner of VillageMD with a .
A lower-than-anticipated number ofadded to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.
September’s producer price index was lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.