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Wall Street is bullish as BofA advances on solid earnings

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News Tech: US stocks moved into positive territory early Monday afternoon as Bank of America’s earnings hit, wrapping up the earnings season for Wall Street’s big banks and adding more momentum to financial stocks. The rise reversed earlier declines as bond yields climbed to his highest three-year high and eased investor tensions amid expectations of aggressive monetary tightening in the coming weeks and months embossed.

The S&P 500 Banks Index rose 2.2%, aided by a gain in Bank of America stocks. The approval rating was 4.2%. The US’s second-largest bank by assets posted strong growth in its consumer finance business, but its investment banking division suffered from a slowdown in execution. “The earnings season so far has lived up to expectations,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Mega-cap stocks such as Apple and Amazon.com rose as benchmark 10-year Treasury yields climbed to his 2.85%, the highest since December 2018, after reaching his 2.884% on Monday. fell. A series of rate hikes threatens to hurt their future earnings. However, Tesla jumped 2.1% as it prepared to reopen its Shanghai factory after nearly three weeks of COVID shutdowns.

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