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Wall Street jumps as solid BofA results spark rally; Dow up 600 pts

Bank of America posts better-than-expected Q3 results; Goldman Sachs up on report of major business overhaul S&P surges 2.85%, Nasdaq 3.37%

Wall Street
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Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan (Photo: Reuters)

Reuters
Wall Street's main indexes jumped on Monday as Bank of America led gains among lenders after reporting better-than-expected results that were underpinned by the Federal Reserve's rapid rate hikes.

Bank of America Corp rose 6.2% as the lender benefited from higher net interest income in its third quarter, even though it added $378 million to its loan-loss reserves.

"BAC benefited from a higher interest rate environment in both the yields on the newly issued loans and the growth of the number of depositors," said Siddharth Singhai, chief investment officer of New York-based investment firm Ironhold Capital.

"This is a direct result of higher

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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