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 375 points, or 1.1%. The S&P 500 gained 1.2% and the Nasdaq Composite added 1.4%.
Third-quarter earnings season rolled on Thursday with several big banks and Dow members reporting financial results before the bell.
Eight members of the S&P 500 reported earnings Thursday morning and all eight beat earnings-per-share expectations from Wall Street.
Dow constituent UnitedHealth also gained after the companies’ quarterly results topped estimates and was the top performer on the blue-chip average.
A lower-than-anticipated number of weekly jobless claims added to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.
“We’re seeing fresh and welcome signs of improvement in the job market,” said Bankrate’s Mark Hamrick.
September’s producer price index was lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.
—CNBC’s Michael Bloom contributed to this report.