WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Wednesday, with the major averages all showing strong moves to the upside after ending Tuesday's extremely volatile session mixed.
Currently, the major averages are off their highs of the session but remain firmly positive. The Nasdaq is up 296.91 points or 1.3 percent at 22,818.61, the S&P 500 is up 67.24 points or 1.0 percent at 6,711.55 and the Dow is up 290.89 points or 0.6 percent at 46,561.35.
The strength on Wall Street comes amid a positive reaction to earnings news from financial giants Morgan Stanley (MS) and Bank of America (BAC).
Investment banking giant Morgan Stanley is spiking by 7.2 percent after reporting better than expected third quarter results.
Shares of Bank of America are also surging by 5.2 percent after the company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
U.S.-listed shares of ASML (ASML) are also seeing significant strength after the Dutch semiconductor equipment maker reported mixed third quarter results but said it expects 2026 total net sales to exceed 2025.
On the other hand, shares of Abbot Abbott Laboratories (ABT) have come under pressure after the healthcare company reported weaker than expected third quarter revenues.
Traders are also keeping an eye on any comments from President Donald Trump about U.S. trade with China, which have been a key driver of market sentiment in recent sessions.
In U.S. economic news, the Federal Reserve Bank of New York released a report this morning showing New York manufacturing activity has seen a significant turnaround in the month of October.
The New York Fed said its general business conditions index surged to a positive 10.7 in October after plunging to a negative 8.7 in September, with a positive reading indicating growth. Economists had expected the index to climb to a negative 1.8.
Sector News
Gold stocks have moved sharply higher as the price of the precious metal continues to soar to record highs, driving the NYSE Arca Gold Bugs Index up by 3.3 percent to a record intraday high.
Substantial strength is also visible among computer hardware and semiconductor stocks, with the NYSE Arca Computer Hardware Index and the Philadelphia Semiconductor Index surging by 3.3 percent and 2.9 percent, respectively.
Brokerage, networking and telecom stocks are also seeing significant strength on the day, moving higher along with most of the other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index surged by 1.8 percent, while China's Shanghai Composite Index jumped by 1.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 0.1 percent, the German DAX Index is just above the unchanged line and the French CAC 40 Index is up by 2.2 percent.
In the bond market, treasuries are seeing modest strength, extending the advance seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.3 basis points at 4.009 percent.
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