Shares of banks and other financial institutions rose slightly after mixed earnings.
Bank of America rose by more than 5% after the second largest U.S. bank by assets posted second-quarter earnings ahead of expectations as an increase in investment-banking activity and growth at its wealth management unit offset struggles with consumer lending.
Morgan Stanley shares rose after the Wall Street bank posted a 41% jump in profit from a year ago as signs that investment-banking work is coming back boosted the firm.
Discount brokerage Charles Schwab plunged after quarterly growth in several key areas including bank deposits, net interest revenue, and new brokerage accounts was shy of Wall Street targets.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-16-24 1711ET
