Strong Profit Reports Lift Tech, Bank Stocks

US stocks closed higher Wednesday in another topsy-turvy day on Wall Street.

• The S&P 500 rose 26.75 points, or 0.4%, to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all, and then climbing back.
• The Dow Jones Industrial Average fell 17.15 points, or less than 0.1%, to 46,253.31.
• The Nasdaq composite rose 148.38 points, or 0.7%, to 22,670.08.

Trading has been erratic since the end of last week, when President Trump shattered Wall Street's calm by threatening higher tariffs on China, the AP reports. Technology stocks helped lead the way Wednesday, along with banks, following strong profit reports from ASML, Bank of America, and Morgan Stanley.

ASML, a major supplier to the semiconductor industry, delivered a better-than-expected profit report. It expects its revenue for 2025 to be 15% above last year's, while next year's should be at least as high as this year's. "On the market side, we have seen continued positive momentum around investments in AI," CEO Christophe Fouquet said, "and have also seen this extending to more customers." That's key when worries have been high that a bubble may be forming in artificial-intelligence technology, with too much investment flowing in akin to the 2000 dot-com frenzy. ASML's stock climbed 3.1% in Amsterdam. On Wall Street, Broadcom rose 2.1% and Advanced Micro Devices jumped 9.4%. They were the two strongest forces lifting the S&P 500.

Several big banks also drove the market higher. Bank of America climbed 4.6% after delivering a profit for the latest quarter that was stronger than analysts expected. CEO Brian Moynihan said every line of the bank's business reported growth. Morgan Stanley climbed 4.7% after likewise reporting a stronger profit than analysts expected. That followed better-than-expected profit reports from several banks the day before, including JPMorgan Chase and Wells Fargo.

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They helped offset a 3.9% drop for PNC Financial. It reported a stronger-than-expected profit for the latest quarter, but it also gave a forecast for upcoming earnings that some analysts said was below expectations. Abbott Laboratories sank 2.4% after its revenue for the latest quarter finished just shy of analysts' expectations.