On Wednesday, U.S. stocks concluded a turbulent trading day with a predominantly positive outcome, despite ongoing trade tensions between the U.S. and China and an enduring government shutdown. The S&P 500 climbed by 0.4%, buoyed by impressive earnings from Morgan Stanley and Bank of America, which bolstered the financial sector. Morgan Stanley's shares soared to a record high, increasing by 4.7%, while Bank of America rose 4.4% as both institutions reported better-than-expected third-quarter profits due to strong dealmaking activities. The Nasdaq 100 advanced by 0.7%, aided by a 3% increase in the Philadelphia Semiconductor Index. This came as ASML reported orders and operating income that surpassed expectations, indicating robust demand for AI technology. Conversely, the Dow ended slightly down as volatility persisted and trade disputes between Washington and Beijing, including newly imposed port fees and potential tariffs, continued to escalate. Mixed earnings reports further contributed to market fluctuations, with disappointing quarters from Progressive (-5.8%) and Abbott (-2.4%) contrasting with the gains seen in banking and grain trading sectors.
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