Dow closes up 550 points, Nasdaq pops more than 3% as strong bank earnings boost volatile market; European markets close higher as UK performs major U-turn on tax cuts
Stocks rose sharply on Monday as key earnings reports eased some of investors’ fears and oversold tech names enjoyed a rebound rally.
The Dow Jones Industrial Average gained 550.99 points, or 1.86%, to close at 30,185.82. The S&P 500 jumped 2.65% to 3,677.95. The tech heavy Nasdaq Composite surged 3.43% for its best day since July, finishing at 10,675.80.
Bank of America on Monday reported better-than-expected results, sending the stock up 6%. Bank of New York Mellon also posted results that beat analysts’ expectations and its shares jumped 5%.
Shares of Roblox shot up nearly 20% after the online gaming company reported September metrics that showed more engagement than last year.
The company said Monday that the number of daily active users was at 57.8 million, an increase of 23% compared to the same month last year. Total hours of engagement were up 16% to 4 billion.
Britain’s new Finance Minister Jeremy Hunt opted to scrap most of the policies announced in Prime Minister Liz Truss’s budget on Sept. 23, prompting gains in the pound. The U.K. currency was last seen up 2.1% at $1.1408, extending gains made ahead of the statement.
The pan-European Stoxx 600 provisionally ended 1.8% higher, with all sectors and major bourses in positive territory. Autos led the gains, up around 2.8% for the session.
Source: CNBC, Investing.com