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
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