The Dow Jones Industrial Average advanced to new highs on Tuesday, as the market rally continued broadening out beyond big technology names on hopes of forthcoming interest rate cuts.
The Dow surged by 547 points, or 1.3%, hitting a new intraday record. The S&P 500 added 0.3%, while the Nasdaq Composite flickered around its flatline.
Bank of America and Morgan Stanley jumped more than 5% and 2%, respectively, after earnings came in ahead of analyst forecasts. They’re the latest household names to post quarterly financial results as the new reporting season kicks into gear.
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