US stocks edged higher Wednesday afternoon after President Trump denied plans to fire Federal Reserve Chair Jerome Powell, though he stopped short of ruling it out entirely.
The S&P 500 rose 0.2%, rebounding from earlier losses, while the Dow gained 150 points and the Nasdaq 100 added 0.1%. Markets initially dropped on reports that Trump was considering Powell's removal, adding to existing anxiety over sticky inflation and trade tensions.
The Producer Price Index came in flat for June, offering some relief after Tuesday's hotter-than-expected CPI report, which showed the fastest annual inflation rate since February.
On the earnings front, Bank of America slipped 0.7% after reporting weaker-than-expected revenue, and Morgan Stanley dropped 3% despite solid results. In contrast, Goldman Sachs rose 0.6% on a strong profit beat. Johnson & Johnson surged nearly 6% after topping estimates and lifting its full-year forecast.
Source: trading Economi
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