The S&P 500 Index ($SPX) (SPY) Wednesday closed up by +0.47%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.07%.
Stocks on Wednesday posted moderate gains, with the Nasdaq 100 recovering from a 1-week low. Better-than-expected corporate earnings results supported stocks on Wednesday. United Airlines Holdings soared more than +12% after reporting stronger-than-expected Q3 adjusted EPS and initiating a $1.5 billion stock buyback program. Also, bank stocks rallied Wednesday after Morgan Stanley reported stronger-than-expected Q3 net revenue, and US Bancorp and Synchrony Financial reported better-than-expected Q3 net interest income. In addition, Wednesday’s weaker-than-expected UK Sep consumer price report knocked global bond yields lower, a supportive factor for stocks.
