Stocks Ended Higher on Bank Earnings

U.S. stocks ended higher on Tuesday as investors largely cheered a round of third-quarter corporate earnings. The Dow Jones Industrial Average rose 237.44 points, or 0.89%, to 27,024.80. The S&P 500 gained 29.53 points, or 1.00%, to 2,995.68. The Nasdaq Composite added 100.06 points, or 1.24%, to 8,148.71.

Oil futures were under pressure Tuesday, posting a loss for a second session in a row, as a lower economic growth forecast from the International Monetary Fund and a recent round of weak data out of China fueled worries over energy demand. West Texas Intermediate crude for November delivery fell 78 cents, or 1.5%, to settle at $52.81 a barrel, while December Brent crude lost 61 cents, or 1%, to end at $58.74 a barrel.

Big banks began reporting quarterly results Tuesday morning, with JPMorgan (JPM) topping consensus expectations on the top and bottom lines, Goldman Sachs beat consensus expectations for total revenue, and Citigroup (C) beat expectations on both quarterly revenue and profit.

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