S&P 500 and Nasdaq Rises on Strong Bank Earnings
US stocks closed a volatile session mostly higher on Wednesday, despite ongoing US-China trade tensions and a lingering government shutdown.
The S&P 500 gained 0.4%, lifted by strong earnings from Morgan Stanley and Bank of America, which buoyed the financial sector. Morgan Stanley shares hit a record high, rising 4.7%, while Bank of America advanced 4.4% after both banks exceeded third-quarter profit expectations on robust dealmaking.
The Nasdaq 100 rose 0.7%, supported by a 3% jump in the Philadelphia Semiconductor Index following better-than-expected orders and operating income from ASML, reflecting strong AI demand. The Dow finished marginally lower as volatility remained elevated and trade tensions between Washington and Beijing continued, including new port fees and threatened tariffs. Mixed earnings results elsewhere contributed to market swings, with Progressive (-5.8%) and Abbott (-2.4%) posting disappointing quarters, contrasting with gains in banking and grain trading.
Source: Tradingeconomics
