Wall Street's main indexes jumped on Monday as Bank of America led gains among lenders after reporting better-than-expected results that were underpinned by the Federal Reserve's rapid rate hikes.
Bank of America Corp (BAC.N) rose 4.53% as the lender benefited from higher net interest income in its third quarter, even though it added $378 million to its loan-loss reserves.
"BAC benefited from a higher interest rate environment in both the yields on the newly issued loans and the growth of the number of depositors," said Siddharth Singhai, chief investment officer of New York-based investment firm Ironhold Capital.
The S&P 500 banks index (.SPXBK) was up 3.14%. All the 11 S&P 500 sector indexes were higher with technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) leading with near 3% gains each.
Shares of Goldman Sachs (GS.N), which will post results on Tuesday, were up 2.23%, following reports of a plan to combine its investment banking and trading businesses.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
