Bank boom: US stocks climb higher on stellar bank earnings

Goldman Sachs, JPMorgan Chase and Wells Fargo all unveiled earnings for the first quarter that surpassed analysts’ forecasts.

Most United States stocks are rising Wednesday after fat profit reports from big banks kicked off what’s expected to be a thunderous earnings reporting season, and indexes are drifting close to their record levels. The S&P 500 was flipping between small gains and losses in afternoon trading and was 0.3 percent lower, as of 2:04pm ET (18:04 GMT), a day after returning to an all-time high. The Dow Jones Industrial Average was up 128 points, or 0.4 percent, to 33,805, and above its closing record of 33,800.60 set last week. The Nasdaq Composite Index fell 0.8 percent after losing an earlier gain. The S&P 500 was held back by drops for a handful of heavyweight stocks, including Apple and Amazon, but roughly two out of three stocks within the index were rising. Smaller companies were also rallying amid growing optimism as COVID-19 vaccines roll out and businesses reopen. The Russell 2000 Index of small-cap stocks was up 1.6 percent.