Morning Report 18 Oct 22: US sharemarkets lifted on Monday

US stocks were supported by news of the reversal of a proposed UK fiscal plan as well as encouraging US bank earnings figures. Shares in Bank of America rose 6.1% after the lender reported a surge in third quarter net interest income. Shares in Bank of New York Mellon also lifted by 5.1% as the lender reported a 44% lift in net interest revenue. The banks sector rose 3.6%. Mega cap growth stocks like Amazon (up 6.5%) and Apple (up 2.9%) also advanced. The Dow Jones index rose by 551 points or 1.9%. The S&P 500 index rose by 2.7%. And the Nasdaq index rose by 354 points or 3.4%.

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