US stocks closed higher on Wednesday, despite ongoing US-China trade tensions and the ongoing government shutdown. The S&P 500 rose 0.4%, boosted by strong earnings reports from Morgan Stanley and Bank of America, which supported the financial sector.
Morgan Stanley shares hit a record high, rising 4.7%, while Bank of America gained 4.4% after both banks beat third-quarter earnings expectations thanks to strong deals. 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 Jones Industrial Average closed slightly lower as volatility remained high and trade tensions between Washington and Beijing persisted, including new port charges and tariff threats. Mixed earnings results elsewhere contributed to market fluctuations, with Progressive (-5.8%) and Abbott (-5.8%) both leading the way. (-2.4%) posted a disappointing quarter, in contrast to gains in banking and grain trading. (alg)
Source: Trading Economics
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