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Dow jumps more than 400 points after better-than-expected earnings reports

U.S. stocks rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.The Dow Jones Industrial Average jumped about 470 points, or 1.4%. The S&P 500 gained 1.4% and the Nasdaq Composite added 1.4%.Third-quarter earnings season continued Thursday with several big banks and Dow members reporting financial results before the bell.Eight members…

U.S. stocks rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.

The Dow Jones Industrial Average jumped about 470 points, or 1.4%. The S&P 500 gained 1.4% and the Nasdaq Composite added 1.4%.

Third-quarter earnings season continued Thursday with several big banks and Dow members reporting financial results before the bell.

Eight members of the S&P 500 reported earnings this morning and all eight beat earnings-per-share expectations from Wall Street.

“So far, the overwhelming majority of large US companies have been able to generate higher profitability despite rising labor costs because sales growth has been so robust. We expect the same to be true in 3Q,” Mark Haefele, chief investment officer of UBS Global Wealth Management, said in a note Thursday.

Bank of America, Morgan Stanley, Citigroup and Wells Fargo saw their shares rise after beating earnings expectations.

Dow constituent UnitedHealth also gained after the companies’ quarterly results topped estimates and was the top performer on the blue-chip average.

Walgreens Boots Alliance shares gained after the drugstore chain beat earnings expectations. The company announced it would become majority owner of VillageMD with a $5.2 billion investment.

Meanwhile, falling rates boosted technology stocks. The benchmark U.S. 10-year Treasury yield dipped, typically benefiting high-growth names as lower rates lift the value of companies’ future earnings.

Big Tech stocks Microsoft, Apple and Facebook each rose at least 1%, while and Google-parent Alphabet gained more than 2%, providing the market with support.

Caterpillar was among the Dow’s biggest gainers after Cowe

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