Stocks extended a recent upswing on Tuesday as investors absorbed a stream of quarterly earnings, with Bank of America (BAC) and Morgan Stanley (MS) among those reporting.
The Dow Jones Industrial Average (^DJI) led the way up, rising more than 350 points, or over 1%. The tech-heavy Nasdaq (^IXIC) reversed early losses to finish up around 0.75%. The S&P 500 (^GSPC) was up about 0.71%.
Bank of America shares gained more than 4% after profits jumped in the second quarter, while Morgan Stanley’s stock climbed over 6% in the wake of its results.
Retail sales rose in June but undershot expectations, putting the health of the economy under the spotlight again. Investors have returned to weighing the risk of recession versus the chance of a soft landing in the wake of the Federal Reserve’s interest-rate hikes.
Stocks close higher
Stocks closed firmly in the green on Tuesday as investors digested a slew of bank earnings, including results from Wall Street heavyweights Bank of America (BAC) and Morgan Stanley (MS).
The Dow Jones Industrial Average (^DJI) notched its seventh straight day of gains, closing up 366 points, or 1%. The tech-heavy Nasdaq (^IXIC) and S&P 500 (^GSPC) also finished the session higher, notching gains of more than 0.7%.
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Source: finance.yahoo.com
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