US Stock Market News | Q3 Profits Exceed Expectations, Charles Schwab Surges Over 8%

On Tuesday, Charles Schwab opened high and rose by over 8%, as of the time of publication, it has risen by 6.33% to $73.11. On the news front, Charles Schwab announced better-than-expected third-quarter earnings and stated that it had reduced some expensive debts. The company reported an adjusted earnings per share of 77 cents for the quarter, higher than analysts' expectations of 75 cents, with net revenue of $4.85 billion, exceeding analysts' average expectation of $4.79 billion, and net interest income of $2.2 billion, higher than the expected $2.0 billion. The company also stated that its client trading cash balance increased by $9 billion compared to the previous quarter, helping the company reduce bank supplemental capital by $8.9 billion. Charles Schwab executives mentioned that the significant rate hikes by the Federal Reserve in the past had dealt a heavy blow to Charles Schwab's business as clients sought higher-yielding options, but the worst situation has now subsided