Morgan Stanley, Citigroup, Bank of America and even troubled Wells Fargo posted healthy results that surpassed analysts' expectations.
The Dow rose nearly 535 points, or 1.6%. The S&P 500 and Nasdaq each finished up about 1.7%. Investors also cheered the continued drop in jobless claims filings, which fell to a new Covid-era low of 293,000.Strong results from insurer UnitedHealth, drugstore giant Walgreens and Taiwan Semiconductor also lifted sentiment.
Top Wall Street firms are also benefiting from the breakneck pace of dealmaking in Corporate America. Companies have gotten the urge to merge and many top unicorn startups have gone public this year. That's fueled a surge in investment banking fees.
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