Wall Street surges as BofA gains on earnings beat

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.