Goldman Sachs shares rose after the company reported a 3-year low in profit. However, CEO David Solomon made positive comments about signs of a recovery in investment banking, echoing upbeat comments from other big banks on Tuesday.
Bank stocks, including Citizens Financial and M&T Bank, also performed well, beating Wall Street estimates for second-quarter profit. US Bancorp saw a 28% jump in quarterly net interest income.
The Dow Jones Industrial Average and S&P 500 index both rose modestly, with the Dow on track for its eighth straight day of gains. The Nasdaq, however, was held back by a decline in Microsoft and losses from Nvidia and Alphabet.
Carvana saw a significant surge in its stock price after announcing a debt restructuring plan that would cut its outstanding debt by over $1 billion. Tesla, on the other hand, lost ground ahead of its earnings report, while results from Netflix and IBM were also expected after the closing bell.
AT&T and Verizon both saw gains, with AT&T rising 8.25% after announcing it would not immediately remove lead cables from Lake Tahoe. Halliburton, however, experienced a decline in stock price after posting disappointing quarterly revenue.
Overall, advancing issues outnumbered decliners on the NYSE and Nasdaq, and the S&P 500 and Nasdaq Composite both recorded new highs.
In summary, the stock market saw positive performance from banks and certain companies, while the Nasdaq was weighed down by declines in tech stocks. The Dow continued its winning streak, and overall market sentiment remained relatively positive.
