The Economic Times·2025-10-16 01:55Core Insights - Morgan Stanley and Bank of America reported strong third-quarter profits, leading to a 4.7% and 4.4% increase in their shares respectively, contributing to a rise in the S&P 500 banking index by 1.2% [1][6] - The overall S&P 500 index increased by 0.40% to close at 6,671.06 points, while the Nasdaq gained 0.66% to 22,670.08 points [6][3] - The Philadelphia Semiconductor Index surged by 3% following ASML's strong quarterly orders and operating income, driven by AI investments [6] - An investment consortium including BlackRock, Microsoft, and Nvidia is set to acquire a major data center operator in a $40 billion deal, positively impacting shares of data center firms [6] Company Performance - Morgan Stanley and Bank of America exceeded Wall Street profit estimates, indicating robust deal-making activity [1][6] - Goldman Sachs and JPMorgan Chase also reported solid performances, suggesting a strong investment banking environment [6] - Progressive Corp's shares fell by 5.8% after disappointing quarterly results, while Bunge's shares rose nearly 13% despite lowering its 2025 earnings forecast post-merger with Viterra [6][7] Market Trends - Seven of the 11 S&P 500 sector indexes rose, with real estate leading at a 1.5% increase, followed by utilities at 1.29% [4] - Heavy trading volume was noted with 21.5 billion shares exchanged, surpassing the average of 20.4 billion shares over the previous 20 sessions [5] - The S&P 500 recorded 34 new highs and 5 new lows, while the Nasdaq saw 154 new highs and 46 new lows [7]