Strong Bank Earnings Push S&P 500 Higher

Morgan Stanley shares jumped 4.7% after better-than-expected results, while Bank of America similarly vaulted 4.4% higher. Perhaps just as important for Wall Street, America’s most powerful financiers said U.S. consumers and businesses are continuing to spend despite concerns the Trump administration’s agenda could slow the economy, boost inflation, or both. Morgan Stanley Chief Executive Ted Pick described the backdrop in an earnings call as one in which “macro uncertainty and enormous opportunity uncomfortably coexist.”

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