Nasdaq up as chip stocks rebound and banks report profits
US stock markets finished Wednesday on a high note, with the Nasdaq up 0.91%, mostly thanks to chip stocks making a comeback.
The S&P 500 and Dow also edged higher, boosted by news that inflation is slowing down and big banks are posting solid profits.
Even with global tensions in the background, Wall Street seemed pretty upbeat.
June inflation cooled, Fed pause likely
Inflation cooled off more than expected in June, mainly because energy prices dropped.
This shift has investors feeling optimistic that the Federal Reserve will keep interest rates steady at its July meeting: The chances jumped from 58.3% to more than 83%.
Citigroup Wells Fargo IBM shares slide
Major US banks like Goldman Sachs, JPMorgan Chase, and Bank of America reported strong second-quarter earnings, giving markets another reason to cheer.
Citigroup faced setbacks due to expense worries, while Wells Fargo also declined and IBM shares slipped after weak revenue guidance.