Wall Street on course for recovery – Bank of America in focus

Wall Street on course for recovery – Bank of America in focus
New York Stock Exchange

The decline in profits at the big US money houses had dampened the mood on Wall Street at the end of the week.

(Photo: AP)

Frankfurt Positive stimulus from the banking sector and the reversal in the UK tax plans lifted sentiment on Wall Street. The Dow Jones index of standard values ​​gained 1.9 percent on Monday to 30,185 points. The broader S&P 500 climbed 2.6 percent to 3,677 points and the tech-heavy Nasdaq index rose 3.4 percent to 10,665.

In particular, a better-than-expected result at the second-largest US credit institution, Bank of America, caused a stir, pushing its shares up 6.1 percent. “Bank of America benefited from a higher interest rate environment both in terms of yields on newly issued loans and the growing number of depositors,” said Siddharth Singhai, chief investment officer at Ironhold Capital. The papers of the rivals JPMorgan, Morgan Stanley, Citigroup and Wells Fargo rose by up to 4.2 percent.

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