State Street Earnings Surprise Lifts Banks

NEW YORK ( TheStreet) -- State Street ( STT) is leading a surge among trust banks on Wednesday morning after saying it would far exceed the Street consensus in its second-quarter earnings.

State Street shares were up 10% in Tuesday morning trading, and other big U.S. trust banks were lifted by the State Street bullish report on revenue growth.

State Street expects earnings of 93 cents a share, excluding one-time charges, versus a Street estimate of 72 cents earnings from the Boston-based trust bank. The State Street full earnings report is set for July 20.

Northern Trust ( NTRS) and Bank of New York Mellon ( BK) were up more than 4% after the State Street report.

The State Street earnings surprise was helping to lift the U.S. market on Wednesday morning and forecast a bullish earnings season for banks.

-- Written by Eric Rosenbaum from New York.

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