Key takeaways
- Major U.S. indexes jumped midday Wednesday after several major banks reported strong quarterly results and a key measure of inflation came in weaker than expected.
- Bank of New York Mellon, BlackRock and Goldman Sachs were among the financial companies reporting better-than-expected profits.
- Tesla shares rose as analysts at Barclays raised their price target for the stock based on the electric vehicle maker’s work on autonomous vehicles and AI.
Major U.S. indexes jumped midday Wednesday after several major banks reported strong quarterly results and a key measure of inflation came in weaker than expected. The Nasdaq was up more than 2%, while the Dow rose 1.5% and the S&P 500 rose 1.6%.
Shares of Bank of New York Mellon (BK) jumped after the financial company reported better-than-expected results thanks to record revenue and lower costs.
BlackRock (BLK) set a record for assets under management and also posted better-than-expected quarterly results, sending its shares higher.
Shares of Goldman Sachs (GS) rose as the bank blew out its profit and revenue estimates on strong trading revenue.
Shares of Edison International (EIX) and PG&E (PCG) rose on indications that power lines may not have been the cause of California’s devastating wildfires.
Shares of Builders FirstSource (BLDR) and others in the homebuilding industry have taken off on optimism that the latest inflation report will make the Federal Reserve more likely to reduce borrowing costs.
Shares of Tesla (TSLA) rose as analysts at Barclays raised their price target for the stock, highlighting the electric vehicle maker’s work on self-driving cars and artificial intelligence.
Oil and gold futures rose. The yield on 10-year Treasury notes fell. The US dollar appreciated against the euro, but lost ground against the pound sterling and the yen. The prices of most major cryptocurrencies were higher.
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