Key Takeaways
Major U.S. indexes surged at midday Wednesday after several big banks reported strong quarterly results and a key measure of inflation came in softer than anticipated. The Nasdaq was over 2% higher, while the Dow added 1.5% and the S&P 500 was up 1.6%.
Bank of New York Mellon ( BK ) shares jumped after the financial company reported better-than-expected results on record revenue and lower costs.
BlackRock ( BLK ) set a record for assets under management and also had quarterly results that exceeded forecasts, sending its shares higher.
Goldman Sachs ( GS ) shares advanced as the bank blew away earnings and revenue estimates on strong trading revenue.
Shares of Edison International ( EIX ) and PG&E ( PCG ) were higher on indications that power lines may not have been the cause of the devastating wildfires in California .
Shares of Builders FirstSource ( BLDR ) and others in the homebuilding industry took off on optimism that the latest inflation report will make the Federal Reserve more likely to cut borrowing costs.
Tesla ( TSLA ) shares advanced as Barclays analysts raised their price target for the stock, pointing to the electric vehicle maker’s work on self-driving cars and artificial intelligence.
Oil and gold futures climbed. The yield on the 10-year Treasury note sank. The U.S. dollar was up on the euro, but lost ground to the pound and yen. Prices for most major cryptocurrencies were higher.
Read the original article on Investopedia