Stocks in the US closed higher on Wednesday 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 climbed 0.3%, while the Dow rose 231 points and the Nasdaq 100 edged up 0.1% to mark fresh record close. Markets had initially dipped on reports suggesting Trump was weighing Powell's removal, compounding investor concerns over persistent inflation and ongoing trade tensions.
June's flat Producer Price Index provided some relief after Tuesday's hotter-than-expected CPI reading, which showed the fastest annual inflation since February. On the corporate front, Bank of America fell 0.3% after revenue came in below expectations, and Morgan Stanley slid 1.3% despite solid earnings.
Meanwhile, Goldman Sachs gained 1% after beating profit estimates, and Johnson & Johnson jumped 6.2% following strong results and an upgraded full-year outlook.
Source: Trading Economi
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