Rising indices
US stock indices rose on Thursday as major banks released strong quarterly results and jobless claims fell to the lowest level of the COVID-19 pandemic. The Dow Jones Industrial Average rose 418 points, or 1.22%, while the S&P 500 Index and Nasdaq Composite rose 0.97% and 0.96% respectively.
The significant increase came as jobless claims fell to their lowest level since the COVID-19 outbreak. A separate release showed producer prices rising 8.6% year on year in September, making for the sixth straight increase in the record. Prices were up 0.5% on the previous month.
On the stock side, Bank of America Corp. reported profits and losses that beat Wall Street estimates on the back of strong growth in its credit and equities divisions. The bank also benefited from the release of $1.1 billion in reserves that were built up during the pandemic.
On the earnings side, Domino's Pizza Inc. reported an unexpected drop in same-store sales in the United States.
UnitedHealth Group Inc. raised its full-year profit forecast thanks to strong enrolment growth in its insurance business for both commercial plans and Medicare and Medicaid plans.
Meanwhile, oil companies, including Chevron Corp., ExxonMobil Corp. and Halliburton Co. rose as West Texas Intermediate crude rose 79 cents to $81.23 a barrel.
Mining companies such as Barrick Gold Corp. and Newmont Corp. boosted gains on Wednesday as gold rose $4 to $1,798.70 an ounce.
In other news
Deere Co. shares were in the spotlight as more than 10,000 workers at 14 companies in the US went on strike over wages and benefits.
Electric truck start-up Lordstown Motors Corp. has appointed Adam Kroll, a former investment banker who recently served as chief administrative officer of hydrogen-powered commercial vehicle maker Hyzon Motors, as its new chief financial officer.
European stock markets rose broadly, with the British FTSE 100 up 0.85%, the German DAX up 1.2% and the French CAC 40 up 1.22%.
In Asia, Japan's Nikkei 225 index rose 1.46% and China's Shanghai Composite fell 0.1%. Hong Kong's Hang Seng index remained closed due to the weekend.
