ALBAWABA - The US indices closed with strong gains in Tuesday's session, supported by earnings that exceeded expectations in the banking sector.
The S&P 500 Bank Index surged to its highest level since March 10th when the start of the small bank crisis led to sharp selling in the sector. Additionally, the Regional Bank Index jumped to its highest level since March 22nd.
Key Performances of Major US Indices:
The Dow Jones Industrial Average rose by 1.06%, equivalent to approximately 366 points, marking the seventh consecutive daily gain and the longest winning streak in over two years, closing at its highest level in 15 months.
The S&P 500 and Nasdaq Composite indices also climbed by around 0.7% and 0.8%, respectively, reaching their highest levels in about 16 months.
Charles Schwab topped the list of the highest-gaining stocks in the S&P 500 after the company reported quarterly earnings that were better than expected. Meanwhile, Morgan Stanley's stock jumped by over 6% in Tuesday's session, achieving its highest daily gain in about 3 years.
These gains followed the bank's announcement of second-quarter profits that exceeded expectations, as the growth in wealth management compensated for the decline in trading revenues. The company's earnings per share reached $1.24 compared to the expected $1.15, and its revenues amounted to $13.46 billion against the estimated $13.08 billion.
In another notable development, Microsoft's stock surged by approximately 4% in Tuesday's session, recording a new all-time high and adding over $100 billion to the company's market capitalization in a single day.
These gains came after the company announced that it would impose higher fees to access the new artificial intelligence features in its Office program.
