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Follow on Google News | Stocks kept upward momentum; S&P 500 logged best day after positive data reportStocks rose after a flurry of big bank earnings beat forecasts, and new weekly unemployment claims showed a larger-than-expected recovery to a post-pandemic low.
Bank earnings resumed on Thursday, with Bank of America, Wells Fargo, and Morgan Stanley all releasing quarterly results before the market opened. Bank of America's profits increased by 58 percent to $7.7 billion from the previous year, thanks to the release of $1.1 billion in credit reserves that had been placed aside to protect against future customer defaults. Market is summarized as follows:
Investors will be focused on firms' comments on price rises, supply chain disruptions, and labor issues as earnings season progresses in the coming weeks. All of these reasons are thought to have contributed to a drop in earnings in the third quarter compared to the second. However, investors have been wondering how long these issues would endure and which companies will be the hardest hurt by them. Cryptocurrencies are as volatile as ever, but upward trend is apparent for the last few day. Here's an update to the most widely accepted cryptocurrencies:
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