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Wall Street’s main indexes opened higher on Monday after Goldman Sachs beat profit expectations, extending last week’s positive momentum amid easing bets of a super-sized interest-rate hike by the Federal Reserve.
The Dow Jones Industrial Average added 314 points, or 0.99%. S&P 500 gained 0.80%, while the Nasdaq Composite advanced 1%.
Goldman Sachs Group Inc. shares surged after the bank reported second-quarter results that were better than expected in nearly every area. Bank of America Corp. reported an increase in net interest income. Treasuries fell with the dollar.
The S&P 500 index is more than 5% above June’s closing low following Friday’s strong rally on renewed hopes that inflation — and Fed rate hikes — may be close to peaking. Fresh data showed a greater decline in US consumers’ long-term inflation expectations, helping boost odds for a 75 basis points hike in July and squashing talk of a 100 basis-point move.
MORE TO COME…
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