Wall Street settled in the green supported by quarterly earnings

Wall Street closed in green on Thursday after the best session in months. The rise followed the quarterly results of the big banks. 

The Dow Jones rose by 1.55% or 533.89 points, standing at 34.91170. Meanwhile, the S&P 500 gained 1.71% or 74.44 points, to 4,438.24.

The Nasdaq advanced by 1.73% or 251.79 points, to 14,823.43.

The New York Stock Market absorbed the best data in the applications for unemployment benefits since the pandemic. It only focused on the good quarterly results of some of the most symbolic companies in the financial sector. JP JPMorgan was one of them, which advanced by 1.50%. Bank of America surged by 4.47%, Citigroup gained 0.70%. Meanwhile, Morgan Stanley increased by 2.46%, and Wells Fargo added 1.26%. 

Morgan Stanley announced a net income of $14.8 billion for the third quarter ended September 30, 2021, compared to $11.7 billion a year earlier. Net profit amounted to $3.7 billion in the 3rd quarter of 2021, or $1.98 per share.

Bank of America published net profit jumping 58% to reach $7.7 billion in the third quarter of 2021, or $0.85 per share.

Citigroup claimed a 48% increase in profits in 1 year, to $4.6 billion, $2.15 per share.

 Investor sentiment got a boost

The strong performance of the large banking companies restored investor confidence and eased fears about rising inflation. 

Basic materials and technology sectors were the biggest winners today. Among the 30 firms listed on the Dow Jones, Walgreens advanced the most, surging by 7.43%. Meanwhile, UnitedHealth gained 4.18% after disclosing its financial accounts, exceeding expectations. 

Meanwhile, Dow Inc climbed by 3.23%, and Intel added 3.14%. Only Boeing shed 1.96%, and MSD lost 0.81%.

The pleasant surprise of the day was also the PPI which came out below expectations, adding 0.5% instead of the expected 0.6%.