The S&P 500 climbed 0.38% to 7543.59, and the Nasdaq Composite added 0.90% to finish at 26107.01. The Dow Jones Industrial Average remained largely flat, edging up just 9.63 points to 52508.27. Despite the mixed performance of the Dow, market breadth remained positive on the NYSE, where 1617 issues advanced against 1090 decliners.
In section Market Quotes
Wall Street Gains as Bank Profits Surge Amid Cooling Inflation
A sharp deceleration in inflation data combined with a cascade of blowout earnings from the nation’s largest financial institutions propelled U.S. markets higher on Tuesday. While the broader indices climbed, a profit warning from IBM acted as a persistent drag on the Dow, tempering the overall upward momentum.
Financial sector strength drove the day's optimism as five major lenders reported significant second-quarter growth. Goldman Sachs led the charge with a 78% profit increase to $6.63 billion, accompanied by a 39% revenue surge. JPMorgan Chase reported a 41% profit jump to $21.16 billion, bolstered by growth across every business segment. Gains were similarly robust elsewhere, with Citigroup reporting a 45% profit rise, followed by Bank of America at 27% and Wells Fargo at 17%.
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