Strong earnings reports put investors in a happy mood on Wall Street Thursday. The Dow rose 534 points, or 1.5%, to 34,912; the S&P 500 rose 74 points, or 1.7%, to 4,438; and the Nasdaq rose 251 points, or 1.7%, to 14,823. Stocks were up across the board in the benchmark S&P index, which had its best day since March, reports CNBC. Banks in particular did well, with Wells Fargo, Bank of America, Citigroup, and Morgan Stanley each reporting an increase in third-quarter profits, reports the Wall Street Journal. UnitedHealth and Walgreens Boot Alliance also had strong earnings reports.
The Journal notes that new economic data also seemed to ease concerns about inflation and sluggish growth. But worries persist. “The big uncertainty right now continues to be around the duration of this higher inflationary period,” Allen Bond of Jensen Investment Management tells the newspaper. “We are going to be looking for evidence and data that gives us a sense of how companies are managing” that. (Read more stock market stories.)