Trading on Monday
The US stock market rallied strongly in early trading on Monday following the release of quarterly reports from Wall Street's biggest banks.
The Dow Jones Industrial Average had added 545.03 points (1.84%) to 30179.86 points by 10:00 a.m. ET. All companies in the indicator are showing gains. Leading the rise are Microsoft (NASDAQ: MSFT). (+4.1%), Salesforce (NYSE: CRM) (+3.9%) and JPMorgan Chase and Co (NYSE: JPM).
The Standard and Poor's 500 was up 91.07 points (2.54%) at 3,674.14 points by 10:00 a.m. ET. The Nasdaq Composite Index rose 322.28 points (3.12%) to 10643.67 points.
Shares of Bank of America (NYSE: BAC) are up 4.2%, while Bank of New York Mellon is up 5.1%, JPMorgan Chase and Co. up 3.6%, Citigroup Inc (NYSE: C) up 0.3%, Wells Fargo and Co (NYSE: WFC) 3% and Morgan Stanley (NYSE:MS) up 1.9%.
Also, BofA increased revenue by 7.5% in the third quarter, better than analysts' expectations, while Bank of New York Mellon posted adjusted earnings per share above experts' expectations.
It is worth mentioning that JPMorgan, Citigroup, Wells Fargo and Morgan Stanley also released their Q3 financials this Friday.
JPMorgan and Citigroup generated revenue and adjusted profit above market forecasts, while Wells Fargo increased revenue by 4% and Morgan Stanley reduced it by 12%.
The market capitalisation of oil producer Continental Resources is up 8.3%. Founder Harold Hamm has announced that he is buying back all outstanding shares in Continental Resources through the firm he owns, Omega Acquisition Inc.
PerkinElmer (NYSE: PKI) is up 4.3%. The company said it expects Q3 adjusted earnings to come in above guidance, with revenue near the upper end of the forecast range.
Meanwhile, the Empire Manufacturing index calculated by the New York Fed fell to minus 9.1 points in October from minus 1.5 points a month earlier, indicating a further decline in manufacturing activity in New York state. The index was negative for the third month in a row. Analysts had expected it to be minus 4 points.