Wall Street ends up sharply as earnings, economic data lift optimism | Malay Mail

NEW YORK, Oct 15 — US stocks surged on Thursday as companies including Morgan Stanley and UnitedHealth gained following strong results, while data on the labor market and inflation soothed worries about the outlook for higher rates.

Shares of Citigroup, Bank of America Corp and Morgan Stanley rose after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&P bank index jumped.

Adding to optimism, data showed the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low, and a separate report showed producer prices eased in September. “Not that it’s all over, but on a temporary scale at least, you can make a case for it trending in the right direction.”

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