US Stock Market Today: Wall Street Opens Higher On Back Of Strong Earnings, BoA Rises More Than 4%
Morgan Stanley and Oracle Corp. were among the top gainers for the day.
The S&P 500, Dow Jones Industrial Average and the Nasdaq Composite erased previous day's losses and opened higher on Wednesday after strong earnings boosted investor sentiment and soothed trade-war jitters.
Tech-heavy Nasdaq Composite opened nearly 1% or 208.59 points higher at 22,730.30, while the wider index S&P 500 opened 0.7% or 46.83 points up at 6,691.14. Dow Jones opened 0.41% or 191.5 points higher at 46,461.96.
As of 7:45 p.m., S&P 500 was trading 1.13% higher, while Dow and Nasdaq traded 0.75% and 1.34% higher.
Shares of Bank of America Corp. jumped more than 4% after the company reported robust third quarter earnings, beating estimates. "Markets are being driven by a delicate mix of optimism and caution," Fawad Razaqzada at City Index and Forex.com told Bloomberg.
He added that investors are "shrugging off" revived US–China trade tensions and that "the dominant theme remains rate-cut expectations from the Fed, which have helped sustain risk appetite. Meanwhile, upbeat US bank earnings have reinforced confidence in the resilience of Corporate America".
Morgan Stanley and Oracle Corp. were among the top gainers for the day, rising 6.78% and 3.85% respectively.
Apart from this, scrips of Tesla Inc., Apple Inc., Meta Platforms Inc. and Microsoft Corp. all traded higher as of 7:20 p.m. IST. Gains of Tesla and Meta Platforms were 1.04% and 1.35% respectively while Apple and Microsoft rose 0.94% and 0.26% each.
Among the top losers there were Progressive Corp., Abbott Laboratories and PNC Financial Services Group Inc.
After the markets opened, all the sectoral indices traded in the green, with the infrastructure sector leading the gains.
As the US market opened, spot gold rose 1.65% to $4,209.87 an ounce. Crude oil prices rose, with the West Texas Intermediate trading 0.46% higher at $58.98 per barrel and Brent Crude trading 0.27% at $62.55 a barrel.
The Bloomberg Dollar Index rose 0.2%, with the British Pound rising 0.3% at $1.3354 while the Japanese yen 0.2% to 151.57 per dollar.
Bitcoin, the largest traded cryptocurrency, was down 1.1% to $111,810.64.
