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Wall Street Surges as Banks Crush Earnings Forecast

EQUITIES
  • Equity markets across the US rallied Thursday, with bank earnings being received positively across the Street. The likes of Bank of America and Morgan Stanley traded solidly after their Q3 reports, which painted a solid picture of internal financials as well as consumer health.
  • Technology firms and material also traded solidly. The former benefited from a sharp downtick in Treasury yields, with the 10-yr yield dropping for a third consecutive session to test the 1.50% level despite trading above 1.60% at the beginning of the week.
  • Technically, the e-mini S&P is now fast approaching the 50-dma at 4430.75, a break above which would be a solid bullish signal. A close above here opens gains toward 4472.00 - the late September high - a level which would open alltime highs printed a month and a half ago.
  • Earnings season continues Friday, with Goldman Sachs, Charles Schwab and PNC Financial on the docket for Friday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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