The daily business briefing: July 19, 2023

Morgan Stanley and Bank of America earnings boost bank stocks, a jury rules J&J must pay $18.8 million in talc lawsuit, and more

A Johnson & Johnson baby powder bottle sits on its side in a pile of white powder
Hernandez Valadez says he developed cancer from heavy exposure to Johnson's Baby Powder since childhood
(Image credit: Justin Sullivan / Getty Images)

1. Morgan Stanley, Bank of America shares jump

Morgan Stanley shares jumped 6.5% on Tuesday after it reported better-than-expected second-quarter earnings, even though profit fell 13% compared to a year earlier. The investment bank said its wealth management business growth offset a drop in trading revenue. Bank of America shares jumped 4.4% after it reported quarterly profit that exceeded Wall Street's expectations on strong earnings from customers' loan payments and better-than-expected investment banking income. The news boosted shares of other banks, including Bank of New York Mellon, which gained 4.1%. Charles Schwab shares jumped 13% even though it reported a big drop in profit. JPMorgan and Wells Fargo last week reported big profit gains.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.