11:53
Traffic jam:   4
$
92.5919
100.2704

US stock market trades higher on Monday

17 October 2022
3216
2 min.
17
US stock market trades higher on Monday

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.

Video game developer Roblox's securities are up 17.7%, although the company expects its Q3 revenue to be around $510.5 million, below the $692.5 million forecast by FactSet analysts.

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.

Persons1 and Companies16 in the news

Chairman of the Board of Directors and Chief Executive Officer
1 place
PerkinElmer
1 place
FactSet
3 place
Nasdaq
6 place
Dow Jones
7 place
Microsoft
9 place
Salesforce
10 place
Morgan Stanley
12 place
Wells Fargo
13 place
Citigroup
14 place
JP Morgan Chase
15 place
Bank of America
16 place
Section:
Source foto:
flickr.com

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112608923
Died this year
14237209
Born this year
35026054