Wall Street has been hit by a brutal market sell-off this year.

US stocks climbed Monday after Goldman Sachs reported strong second-quarter earnings.
But Bank of America missed on earnings as its investment banking sector reported a slowdown.
The big banks kick off a busy week of earnings that will also include Netflix and Tesla.

US stocks rallied on Monday as Goldman Sachs’ strong second-quarter report buoyed hopes for a busy week of earnings.

Goldman beat beat earnings and revenue views as gains in its trading revenue made up for investment banking weakness. Shares of the bank surged as much as 4% early. 

Wall Street will also see earnings from Tesla, Johnson & Johnson, Netflix, United Airlines and Verizon this week. And traders showed increased optimism Monday as fears eased of a 100-basis-point rate hike from the Federal Reserve later this month. The sentiments follow stronger retail sales data on Friday. 

Here’s where major US indexes were trading at the 9:30 a.m. opening bell on Monday:

S&P 500: 3,895.95, up 0.85%

Dow Jones Industrial Average: 31,592.05, up 0.97% (303.79 points)

Nasdaq Composite: 11,580.59, up 1.12%

Goldman’s standout second quarter followed a similar posting from Citigroup on Friday, which beat estimates on a strong reading in its trading arm. But JPMorgan and Morgan Stanley fell short on their second-quarter reports. And Bank of America also missed quarterly forecasts on Monday.

Ether spiked more than 10% Monday as anticipation grows around a highly anticipated network update following comments from an Ethereum Foundation member last week. 

Europe is expected to face a power crunch earlier than expected as energy supplies become scarce, energy consultancy Rystad Energy said on Monday. 

West Texas Intermediate oil jumped nearly 4% to levels just above $100 per barrel adding to a mixed month that has seen prices struggle with the unease over global supply. Brent crude, the international benchmark was also higher, jumping 3.8% to $105 a barrel. 

Gold was little changed Monday at just above $1,700 per ounce. Copper, a touted market temperature check metric, extended gains again on Monday as traders expected a strong rebound from demand in China. 

Bitcoin was higher, climbing above $22,000 and moving 4.6% in the last 24 hours. 

 

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Source:: Business Insider

      

US stocks rally as Goldman’s strong 2nd-quarter report raises hopes ahead of a busy week of earnings

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