US stocks extend rally as bank earnings top estimates

Shares of Morgan Stanley, Bank of America and Charles Schwab all surged after their results topped estimates.

"The theme for today with the banks is 'better than feared,'" said Steve Sosnick of Interactive Brokers. "Unless the news is actively disappointing, everything is being taken as good news."Data out Tuesday showed that US retail sales edged 0.2 percent higher last month, below analyst expectations. "Traders are concerned about economic numbers from China and... remain on the edge," noted Zaye Capital Markets analyst Naeem Aslam.

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