U.S. stocks surged on Thursday as companies including Bank of America and UnitedHealth gained following strong results, while data on the labor market and inflation soothed worries about the outlook for higher rates.
U.S. companies are expected to report strong quarterly profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems.
Advancing issues outnumbered declining ones on the NYSE by a 4.02-to-1 ratio; on Nasdaq, a 2.29-to-1 ratio favored advancers. The S&P 500 posted 31 new 52-week highs and no new lows; the Nasdaq Composite recorded 72 new highs and 38 new lows. Additional reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by Arun Koyyur and David GregorioSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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