US stocks reach record highs fueled by strong bank earnings, projecting positive outlook for investors

From Google: 2024-10-12 05:01:07

US stocks soared to record highs fueled by strong earnings reports from major banks. The S&P 500 rose 0.2% to 4,374.7, the Dow Jones Industrial Average gained 0.2% to 34,996.2, and the Nasdaq Composite jumped 0.4% to 14,733.2.

Top banks like JPMorgan Chase, Goldman Sachs, and Bank of America reported better-than-expected profits for the second quarter. JPMorgan’s earnings rose 174% to $11.9 billion, while Goldman Sachs’ profits more than doubled to $5.4 billion, boosting investor confidence and driving the market surge.

Investors are optimistic about the upcoming earnings season, with analysts projecting S&P 500 companies will report a 65.8% year-over-year increase in earnings. Strong corporate profits and expectations of a robust economic recovery continue to drive the stock market to new highs, signaling a positive outlook for investors.



Read more at Google: US stocks hit record highs on boost from bank earnings – MSN