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Stocks- Wall Street Rallies Despite Mixed Earnings From Financial Firms

Investing.com
Wall Street edged forward after the opening bell.
Wall Street edged forward after the opening bell.

Investing.com – Wall Street was higher after the morning bell on Wednesday despite mixed earning reports results from Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC).

The S&P 500 rose eight points or 0.32% to 2,785.34 as of 10:14 AM ET (15:14 GMT) while the Dow composite increased 133 points or 0.52% to 25,925.95, and tech heavy NASDAQ Composite was up over 524 points or 0.34% to 7,247.89.

The Dow reached over 26,000 points for the first time on Tuesday but markets were weighed down by concerns of a possible government shutdown.

Congress has until Friday to pass a spending bill to prevent a shutdown, but Republican and Democrats disagree over an immigration bill from the Democratic Party.

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Financial stocks were down amid earnings reports from key financial institutions. Bank of America fell 2.10% after its earnings were hit by a tax charge, the firm reported on Wednesday, while Goldman Sachs decreased 3.63% after reporting a 50% drop in bond trading revenue.

Meanwhile General Electric (NYSE:GE) slumped 4.14% while Netflix (NASDAQ:NFLX) was down 1.73% and Apple (NASDAQ:AAPL) inched down 0.28%.

Elsewhere Boeing (NYSE:BA) rose 2.72% amid news that it was partnering with Adient to develop airplane seats while luxury car maker was up 1.02% and Intel (NASDAQ:INTC) increased 1.85%. Technology firm IBM (NYSE:IBM) surged 2.39% after the technology firm partnered with shipping giant Maersk to create a blockchain solution for the shipping trade.

In Europe stocks were down. In Germany the DAX fell 80 points or 0.61% while France’s CAC 40 decreased 17 points or 0.31% and in London the FTSE 100 lost 35 points or 0.45%. Meanwhile Spain’s IBEX 35 was down 61 points or 0.58% and the pan-European Euro Stoxx 50 slumped five points or 0.16%.

In commodities, gold futures inched down 0.08% to $1,336.00 a troy ounce while crude oil futures fell 0.17% to $63.62 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, rallied 0.24% to 90.45.

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