Major U.S. stock indexes bounced back from a selloff in the prior session to finish higher on Wednesday, buoyed by strong corporate-earnings results from names like Morgan Stanley and United Airlines.
The Dow Jones Industrial Average finished up by 337.28 points, or 0.8%, at a record high of 43,077.70, based on preliminary data. It surpassed its previous record close of 43,065.22 reached on Monday.
The S&P 500 closed up by 27.21 points, or 0.5%, at 5,842.47. That was the index’s second-highest close ever.
The Nasdaq Composite ended up by 51.49 points, or 0.3%, at 18,367.08 after morning losses faded.
“Banks as a whole seem to be trading pretty well based on positive quarterly earnings, and that signifies the interest-rate environment and lending environment are starting to stabilize and look more attractive for banks,” said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management.
“When looking at the whole economic landscape, banks should be able to operate in more attractive lending opportunities,” Jacobs said via phone.
Meanwhile, Treasury yields finished broadly lower as oil futures dropped again on uncertain future demand. Two-, 10-, and 30-year yields closed at their lowest levels in almost two weeks.
