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The country’s largest banks in recent days have shared fresh evidence of U.S. economic strength, which powered bigger-than-expected third-quarter profits, showing consumers spent and borrowed at a brisk pace despite worries over inflation and signs the job market was slowing.
This week’s bank earnings reports were welcomed by market watchers, as there has been
a dearth of data on the economy due to the government shutdown. The S&P 500 index SPX has gained 1.4% this week through Wednesday, and remains within range of last week’s record close.
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