US stocks rose on Wednesday, with the S&P 500 up 0.7%, the Nasdaq gaining 0.9%, and the Dow Jones advancing about 220 points, following a volatile session on Tuesday, as investors focus on a new wave of corporate updates.
Bank of America climbed 4.5% after reporting higher quarterly profits, while Morgan Stanley shares soared more than 6% to an all-time high of $164 after the lender beat on earnings and revenues. Nvidia went up 1.6% after HSBC upgraded its shares to Buy from Hold. Abbott Laboratories on the other hand, lost 2.2% after a revenue miss.
Meanwhile, comments from Federal Reserve Chair Powell on Tuesday reinforced expectations of an October rate cut and suggested a potential pause in the Fed's balance sheet runoff. In addition, the federal government shutdown continues, delaying several key economic releases, while US-China trade tensions remain in focus, with President Trump last threatening to impose a cooking oil embargo on Beijing.
Source : Trading Economics
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