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US stock markets push higher on bank earnings

US stock markets stormed higher overnight. The Dow Jones added 1.6%, with the S&P 500 and Nasdaq outperforming by jumping 1.7% after a series of strong investment banking results.

Once again earnings are driving global equity markets, which is a relief after months of geopolitical and political sentiment changes.

Morgan Stanley & Bank of America surprise, Wells Fargo struggles

Morgan Stanley (NYSE: MS) shares jumped over 2% after smashing expectations for investment banking income, which was 68% higher, and seeing growing asset management flows from wealthy private clients. Revenue fell 1% but the acquisitions of Eaton Vance and e-Trade both contributed strongly.

Bank of America (NYSE: BAC) also topped estimates as profit soared 58% to US$7.7 billion on revenue growth of 12%. Shares finished the day more than 4% higher.

The more traditional bank in Wells Fargo (NYSE: WFC) fell in a bad sign for Australia’s big four, as net interest weakened due to lower loan balances likely a result of higher savings levels. Loan growth also slowed despite the booming property market in what may be a precursor for Australia’s January reporting season.

Meanwhile, shares in Taiwan Semiconductor (NYSE: TSM) were slightly higher after announcing its intention to build a fabrication facility in Japan in a step to reduce future chip shortages.

US stock market movers

Here’s how other popular US shares performed on Thursday.

Back home on local markets, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead to open higher on Friday. For all the latest, check out my ASX 200 morning report.

The Golden Rules of Investing

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In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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