Markets Right Now: Stocks surge to biggest gain since March

David Solomon officially takes over as Goldman Sachs’ CEO marking the next generation of leadership for the 149-year-old

David Solomon officially takes over as Goldman Sachs’ CEO marking the next generation of leadership for the 149-year-old

Major U.S. indexes climbed more than 2 per cent Tuesday, giving them their biggest one-day gains since March.

Morgan Stanley rose 5.7 percent to $45.94 and Goldman Sachs added 3 percent to $221.70 after the two investment banks did better than expected in the third quarter, helped by strong performance in their trading operations and better-than-expected revenue from stock underwriting.

UnitedHealth, the largest US health insurer and provider of privately-run Medicare Advantage plans, once again topped Wall Street forecasts and raised its projections for the year. The Nasdaq composite added 214 points, or 2.9 per cent, to 7,645.

The S&P 500 index jumped 59.13 points, or 2.1 percent, its largest gain since March 26, and finished at 2,809.92.

Johnson & Johnson and UnitedHealth, the nation's biggest health insurer, also rose sharply after releasing their results.

The Dow and S&P 500 spent part of the day in positive territory, as investors questioned whether the market was ready to turn the page after last week's pullback. They rose 2.6 per cent to $US3.24 per 1,000 cubic feet and have climbed nearly 8 per cent in October to reach their highest price since January.

The Dow Jones Industrial Average climbed 484 points, or 1.9 per cent, to 25,733. It was down as much as 319 earlier.

Dow members Johnson & Johnson and UnitedHealth Group won 2.0 per cent and 4.6 per cent after reporting earnings.

Trump has urged the Organization of the Petroleum Exporting Countries to raise output to help cover a shortfall due to new US sanctions on Iran.

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Goldman Sachs shares rose after the investment bank did better than expected in the third quarter. The stock has jumped 49 percent this year, but had slumped in recent days.

Net earnings attributable to common shareholders rose to $2.45 billion, or $6.28 per share, in the third quarter ended September 30 from $2.04 billion, or $5.02 per share.

The S&P 500 index jumped 38 points, or 1.4 per cent, to 2,789.

Oil prices edged up in cautious trade on Tuesday as expectations of higher US shale output and inventories vied with worries that crude supply from the Middle East could be disrupted by looming USA sanctions on Iran and growing tensions with top exporter Saudi Arabia. The yield on the 10-year Treasury note rose to 3.17 percent from 3.16 percent.

Wall Street stocks surged higher on Tuesday as a batch of strong earnings reports pushed aside lingering doubts about the economy and trade fights that have pressured markets.

At Morgan Stanley, Goldman's traditional rival, revenue from equity trading rose 6%, while bond trading rose marginally.

Tech stocks - particularly the so-called FAANG stocks - got a nice pop in Tuesday's action after taking a beating last week as investors traded out of high-growth companies.

Wholesale gasoline rose 1.7 percent to $1.98 a gallon and heating oil picked up 0.6 percent to $2.34 a gallon.

The S&P/TSX composite index closed up 170.27 points at 15,579.74.

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