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Major U.S. stock indexes hit a one-month high Wednesday, boosting investor confidence as strong results from Bank of America (BAC.N) and Goldman Sachs (GS.N).
Goldman Sachs shares surged 9.5%, boosting the Dow most, after the bank reported quarterly revenue and earnings that exceeded expectations. The stock recorded its biggest one-day percentage increase in nearly 10 years.
Bank of America's stock price rose 7.2%, driving the S&P 500 stronger after the bank reported higher-than-expected quarterly earnings, driven by loan growth. The stock recorded its biggest one-day percentage increase in six and a half years.
The performance of the two big banks pushed the S& P 500 financial stock index up 2.2%, leading the way in S&P's major sectors. The S&P Bank Stock Classification Index climbed 2.7%.
The strong start of the US corporate earnings season, coupled with market optimism and expectations of a slowdown in the Federal Reserve rate hike, helped the S&P 500 recover some of its losses from recent declines. The index is still 10.7% from its record close on September 20, after falling 19.8% below that level.
"Overall, banks need good economic conditions and a properly skewed yield curve, and maybe we are achieving that," said Kevin Caron, senior portfolio manager at Washington Crossing Advisors. "We are beginning to see that this impact is penetrating into bank earnings."
After the S& P 500 index rose Wednesday, tentacles and their 50-day moving average were the first since December 4. The 50-day moving average is a key indicator of short-term trends. The Nasdaq index broke through its 50-day moving average on Tuesday for the first time since December 3.

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