The Dow Jones Industrial Average rose 533 points, or 1.55%, while the S&P 500 index advanced 1.71% to post its best day since March and the Nasdaq Composite index tacked on 1.73% for its best session since May.
|I:DJI||DOW JONES AVERAGES||35557.94||+100.63||+0.28%|
|I:COMP||NASDAQ COMPOSITE INDEX||15143.934697||+14.85||+0.10%|
The strong gains came as jobless claims fell to the lowest level since the outbreak of COVID-19. A separate release showed producer prices rose 8.6% year over year in September, making for the sixth straight record increase. Prices edged up 0.5% month over month.
In stocks, Bank of America Corp. reported earnings and revenue that exceeded Wall Street estimates amid strong growth in its lending and stock-trading units. The bank also benefited from the release of $1.1 billion in reserves that were built up during the pandemic.
|BAC||BANK OF AMERICA CORP.||46.65||+0.17||+0.36%|
Wells Fargo & Co.’s quarterly profit spiked 59%, boosted by the release of money set aside for losses during the pandemic. Both earnings and sales topped analysts’ expectations.
|WFC||WELLS FARGO & CO.||49.81||-0.52||-1.04%|
Morgan Stanley booked stronger-than-expected results as its wealth management division added a record amount of assets.
Citigroup Inc. earnings and sales outpaced estimates as the release of loan loss reserves and strong equities trading provided a lift.
Elsewhere on the earnings front, Domino’s Pizza Inc. reported an unexpected drop in U.S. same-store sales.
|DPZ||DOMINO'S PIZZA, INC.||460.44||-5.45||-1.17%|
UnitedHealth Group Inc. raised its full-year profit outlook due to robust membership growth in its insurance business from both commercial and Medicare and Medicaid plans.
|UNH||UNITEDHEALTH GROUP, INC.||433.51||+9.33||+2.20%|
Meanwhile, oil companies, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., gained as West Texas Intermediate crude oil climbed 87 cents to $81.31 a barrel.
|XOM||EXXON MOBIL CORP.||63.29||-0.22||-0.35%|
Miners, like Barrick Gold Corp. and Newmont Corp., added to Wednesday’s gains as gold rallied $3 to $1,796.70 an ounce.
|GOLD||BARRICK GOLD CORP.||19.355||+0.09||+0.44%|
In other news, Deere & Co. shares were in focus as more than 10,000 workers across 14 U.S. facilities went on strike over wages and benefits.
|DE||DEERE & CO.||344.49||+1.49||+0.43%|
Electric truck startup Lordstown Motors Corp. named Adam Kroll, a former investment banker who recently served as chief administrative officer at hydrogen-powered commercial vehicle maker Hyzon Motors, as its new finance chief.
Overseas markets mostly gained.
European bourses were broadly higher with Britain’s FTSE 100 up 0.92%, Germany’s DAX advancing 1.4% and France’s CAC 40 rising 1.33%.
In Asia, Japan’s Nikkei 225 surged 1.46% while China’s Shanghai Composite index slipped 0.1%. Hong Kong’s Hang Seng index remained closed for holiday.