U.S. stocks rallied on Wednesday as the market mood was fueled by a slew of upbeat earnings results from major banks including Goldman Sachs and Bank of America.
The Dow Jones Industrial Average advanced 141.57 points, or 0.59 percent, to 24,207.16. The S&P 500 was up 5.80 points, or 0.22 percent, to 2,616.10. The Nasdaq Composite Index increased 10.86 points, or 0.15 percent, to 7,034.69.
Shares of Goldman Sachs soared 9.54 percent, its biggest one-day gain in about 10 years. The investment bank reported fourth quarter results on Wednesday, with 6.04 U.S. dollars per share in profit, easily topping analysts' estimates. Meanwhile, it generated revenue of 8.08 billion U.S. dollars for the fourth quarter, exceeding forecasts.
Bank of America also delivered record earnings, sending the stock up more than 7 percent.
The S&P 500 financials sector closed 2.2 percent higher, outperforming others in the index.
Morgan Stanley, another bank titan, is scheduled to report on Thursday.
So far, more than 6 percent of S&P 500 companies have reported calendar fourth-quarter earnings, of which 85.3 percent have reported better-than-expected earnings, said CNBC while citing FactSet.
Wall Street also digested the news about a British parliamentary vote of no confidence in Prime Minister Theresa May's government.
The Dow Jones Industrial Average advanced 141.57 points, or 0.59 percent, to 24,207.16. The S&P 500 was up 5.80 points, or 0.22 percent, to 2,616.10. The Nasdaq Composite Index increased 10.86 points, or 0.15 percent, to 7,034.69.
Shares of Goldman Sachs soared 9.54 percent, its biggest one-day gain in about 10 years. The investment bank reported fourth quarter results on Wednesday, with 6.04 U.S. dollars per share in profit, easily topping analysts' estimates. Meanwhile, it generated revenue of 8.08 billion U.S. dollars for the fourth quarter, exceeding forecasts.
Bank of America also delivered record earnings, sending the stock up more than 7 percent.
The S&P 500 financials sector closed 2.2 percent higher, outperforming others in the index.
Morgan Stanley, another bank titan, is scheduled to report on Thursday.
So far, more than 6 percent of S&P 500 companies have reported calendar fourth-quarter earnings, of which 85.3 percent have reported better-than-expected earnings, said CNBC while citing FactSet.
Wall Street also digested the news about a British parliamentary vote of no confidence in Prime Minister Theresa May's government.
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