Stocks Surge Nearly 400 Points on Higher-Than-Expected Earnings

Markets moved higher, up nearly 400 points in Thursday morning trading as investors remained focused on earnings reports.

The Dow Jones Industrial Average jumped 390 points for a gain of 1.2% – while the S&P 500 and the Nasdaq jumped nearly 1% each.

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Bank of America, Morgan Stanley, Wells Fargo and Citigroup all reported better than expected earnings on Thursday.

Despite the good news on earnings, there are some issues that the bears continuing point to, including whether the market can continue its momentum should the Fed begin to taper. According to Wednesday’s Federal Reserve minutes, policymakers are beginning starting to debate whether inflation is here to stay – meanwhile, they’ve indicated that they will pull back on bond buying by mid-November.

Inflation in consumer prices (CPI) came in at a larger-than-anticipated 5.4% in the month of September.

U.S. Dollar and Treasuries

The yield on the 10-year Treasury is now at 1.54%. The dollar weakened against a basket of major currencies with the U.S. dollar index (DXY) declining by 0.15% to 93.94.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.86 -0.22 -0.23%


Stocks To Watch

Drugstore chain Walgreens reported earnings on Thursday, topping estimates. Adjusted earnings per share were at $1.17 vs. $1.02 expected.

Bank of America reported earnings at 85 cents a share, topping the 71 cent estimate. The company’s revenue rose $22.87 billion vs the $21.8 billion expected.

Shares of investment bank Morgan Stanley were up as the company beat revenue estimates. The company reported earnings of $1.98 a share, vs $1.68 estimate. Revenue was at $14.75 billion vs. the $14 billion estimate.

Shares of Domino’s Pizza dropped after the company missed its revenue estimate. The company posted revenues of $998 million, short of the expected $1.03 billion.

Commodities To Watch

Oil remains upwards of $80 per barrel as the International Energy Agency upped the estimates for demand. Gold was stable, inching higher to nearly $1800 per ounce. 


The global crypto market cap is $2.38T, a 5.21% increase over the last day.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $57,622.54 +4.46% 1.09t
Etherium ETH $3,737.43 +7.78% 439.03b
Cardano ADA $2.19 +3.29% 68.00b
Ripple XRP $1.14 +4.45% 50.27b
Dogecoin DOGE $0.2378 +6.03% 31.32b


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