Wall Street's main indexes jumped on Monday as Bank of America led a rally among lenders after reporting a smaller-than-expected drop in profit, with its new loans benefiting from higher borrowing costs.
"Bank earnings have generally been good. Markets are loving Bank of America's earnings, but how you interpret that toward the rest of earnings season can be a little tricky, and how you interpret that vis-à-vis the health of the consumer," said Steve Sosnick, chief strategist at Interactive Brokers.also benefited from higher interest rates, sending its shares up 4.48%.
Overall, higher rates boosted interest incomes for lenders in the third quarter, but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown.
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