The U.S. stock market soared on Tuesday, with the Dow Jones Industrial Average reaching its highest level in 15 months. Strong quarterly results from Bank of America Corp. and Morgan Stanley fueled a bullish sentiment in the banking sector, while Microsoft Corp. also set a new record high, boosting the technology industry.
Dow Jones Industrial Average Hits 15-Month Peak
The Dow Jones Industrial Average (DJIA) experienced an impressive surge of 366 points, or 1.1%, closing at 34,951. This marks the index’s highest closing level since April 21, 2022.
S&P 500 and Nasdaq Composite Also Show Gains
The S&P 500 (SPX) saw a notable increase of 0.7%, while the Nasdaq Composite (COMP) jumped by 0.8%. The tech sector received a significant boost from Microsoft Corp., which soared to its all-time high.
Bank of America and Morgan Stanley Outperform Expectations
Bank of America Corp. reported second-quarter earnings that surpassed Wall Street predictions, causing its stock to rise by over 4.4% on Tuesday. Despite Morgan Stanley’s quarterly profit dropping slightly, it still managed to beat analyst expectations, resulting in a strong rally of 6.5% for the company’s shares.
Bank Stocks Propel ETFs to Best Performance in Over a Month
Exchange-traded funds (ETFs) specializing in bank stocks experienced substantial gains due to the positive performance of Bank of America and Morgan Stanley. The SPDR S&P Regional Banking ETF (KRE) recorded its most significant daily increase since June 6, according to FactSet data.
With impressive quarterly results and several stocks reaching new heights, the U.S. stock market has demonstrated resilience and strong investor confidence.
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