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Stocks surged globally on Friday in their best day in five months as strong U.S. corporate earnings reports fueled optimism about the economy, though three-year-high oil prices kept inflation risks alive and lifted government bond yields. U.S. investment bank Goldman Sachs Group Inc was the latest on Wall Street to trounce market expectations when it reported a 66% surge in third-quarter profit, thanks to a record wave of investment banking activity. Though some analysts warned investors against complacency so early in the earnings season, especially given current constraints in the supply chain, U.S. stocks joined Friday's rally in global equities.
Fed Chairman Jerome Powell’s odds at renomination continue to hang in the wind amid a trading scandal that has engulfed at least three senior Fed officials.