Wall Street stocks rallied on Monday, as better than expected earnings from Bank of America and an abrupt U-turn on tax cuts from the UK government buoyed market sentiment.
The S&P 500 rose 2.6 per cent while the tech-heavy Nasdaq Composite gained 3.4 per cent. In Europe, the regional Stoxx Europe 600 closed up 1.8 per cent and London’s FTSE 100 advanced 0.9 per cent.
US stocks rose after Bank of America’s third-quarter results beat expectations, attributed to “resilient” US consumers. Expanding profit margins from consumer lending helped to temper falling investment banking revenues.
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