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NEW YORK: U.S. stocks surged on Thursday as companies including Morgan Stanley and UnitedHealth gained following strong results, while data on the labor market and inflation soothed worries about the outlook for higher rates.
Shares of Citigroup, Bank of America Corp and Morgan Stanley rose after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&P bank index jumped.
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