US Equities Gain as Banks, AI-Linked Stocks Rally: Markets Wrap
- Figures on industrial production, retail sales miss estimates
- Traders fully price in a quarter-point rate hike for July
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US equities rose Tuesday as results from Bank of America Corp. and Morgan Stanley bolstered bank shares, and a rally in stocks linked to artificial intelligence resumed.
Bank of America delivered a surprise gain from its core Wall Street businesses. Morgan Stanley executives pointed to an improved outlook. And in technology, Microsoft Corp. set an expensive price tag on new AI products, buoying the sector.