Wall St set to open higher as banks report strong quarter

Published by
Reuters

By Devik Jain (Reuters) -Wall Street’s main indexes were set for a strong open on Thursday after big banks reported better-than-expected quarterly results, helping investors to look away from inflation concerns. Lenders Bank of America and Wells Fargo and Citigroup topped market expectations for third-quarter profit, helped by the release of reserves to cover loan losses. Investment bank Morgan Stanley posted a bigger quarterly profit than expected, as it closed more deals and generated a record $1.27 billion from advisory business. Their shares jumped between 0.8% and 2.7% in premarket tradin…

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