Shares of banks and other financial institutions rallied after strong earnings.
Shares of Bank of America rose by more than 4% after the second-largest U.S. bank by assets posted a 58% increase in third-quarter earnings, bolstered by the release of reserves established during the depths of the Covid-19 pandemic.
Citigroup shares rose after the global bank posted a sharp increase in third-quarter profit, helped by a 20% increase in credit-card spending. Shares of Wall Street bank Morgan Stanley rose to an all-time high, boosted by revenue generated by merger-and-acquisitions business.
The SPDR Select Financial exchange-traded fund, which tracks the financial sector of the Standard & Poor's 500, rose by almost 2%, hovering around a record high.
Wells Fargo gave back some of its recent gains after the San Francisco bank's earnings growth lagged some investors' expectations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-14-21 1721ET
