Nasdaq Opens 1% Higher; ASML Soars 5%; Morgan Stanley, Bank of America Jump over 4%

Tiger Newspress
Oct 15

Stocks rose Wednesday as a slate of stronger-than-anticipated earnings overshadowed worries about growing trade tensions with China.

Bank of America shares jumped over 4% after the company posted third-quarter earnings and revenue that beat analyst expectations, thanks to strong investment banking revenue. That report comes after a spate of better-than-expected reports from Goldman Sachs and Wells Fargo, among others, on Tuesday.

Morgan Stanley also posted better-than-expected earnings, sending its shares higher by about 4%.

Still, Wall Street veteran Art Hogan believes that stocks will likely trade sideways from here, wavering near all-time highs as long as trade war uncertainty persists. The chief market strategist at B. Riley Wealth Management also said the U.S. government shutdown is another headwind for the market.

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