Equity Alert
S&P 500, Nasdaq rise on better-than-expected bank earnings
This story was originally published at 08:01 IST on 16 October 2025
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Equity Alert: S&P 500, Nasdaq rise on better-than-expected bank earnings
MUMBAI--0748 IST--The S&P 500 and the Nasdaq Composite index ended higher Wednesday, buoyed by better than expected earnings of Bank of America and Morgan Stanley. An upbeat start to the earnings season largely overshadowed concerns around US-China trade ties and a US government shutdown. US Treasury Secretary Scott Bessent told CNBC in an interview that Washington did not want to escalate a trade conflict with China, adding that US President Donald Trump was ready to meet Chinese President Xi Jinping in South Korea later this month.
Strong quarterly reports from Bank of America and Morgan Stanley improved trader sentiment on Wall Street. Shares of Bank of America ended 4.4% higher and those of Morgan Stanley rose almost 5%. Bank results from earlier this week indicate that major US companies might be performing better than forecasts. The earnings also provide cues on the US economy's condition at a time when many macroeconomic reports are delayed due to a government shutdown.
"It appears as if the banks have hit the ball out of the park, exceeding both earnings and revenue expectations...that's an indication that the economy remains strong and, coupled with the likelihood that the Fed will cut rates again at the end of this month, (it) is bolstering investor optimism," Sam Stovall, chief investment strategist at CFRA Research, was quoted by CNBC as saying.
While there has been higher volatility in the US stock market, this hasn't deterred US federal officials from pursuing tough talks with China, Treasury secretary Scott Bessent was cited as saying by CNBC. "We won't negotiate because the stock market is going down, we will negotiate because we are doing what is best economically for the US," he said.
Shares of chipmaker ASML rose 3?ter the company reported September orders and operating income above market expectations, lifted by booming AI investment, Reuters reported. Meanwhile, shares of medical equipment maker Abbott fell over 2% following downbeat quarterly revenue. Shares of Bunge rose almost 13% despite the grain trading company lowering its earnings forecast following its merger with Viterra.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6671.06 |
0.4 |
|
NASDAQ Composite |
22670.08 |
0.66 |
|
Dow Jones Industrial Average |
46253.31 |
(-)0.04 |
(Eshitva Prakash)
End
US$1 = INR 88.08
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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