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Yahoo! Finance: Wall Street Jumps as Solid Bank of America Results Spark Rally

Ankika Biswas and Shreyashi Sanyal | October 17 , 2022

Wall Street's main indexes jumped on Monday as Bank of America led gains among lenders after reporting better-than-expected results that were underpinned by the Federal Reserve's rapid rate hikes.

Wall Street is deep in bear market territory, with economic indicators pointing to little signs of decades-high inflation cooling, but some analysts noted that stocks at such depressed levels could pave the way for short-term rallies.

"It's more just short-term technicals where you've got people overextended on the downside," said Jonathan Waite, fund manager at Frost Investment Advisors.

Excerpted from Reuters and Yahoo! Finance on Oct. 17, 2022. To read full article, click here.

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