Stocks surged on Wednesday as investors breathed a sigh of relief after President Donald Trump denied reports that he planned to fire Jerome Powell, the Federal Reserve chairman.
The S&P 500 index rose 0.3% at close, while the Dow Jones Industrial Average gained 142 points, or 0.3%, earlier in the day. The Nasdaq Composite also rebounded, adding 22 points, or 0.5%.
Goldman Sachs shares jumped 1.5% after the bank reported strong second-quarter earnings and trading revenue beat expectations. Bank of America shares rose 1.2% on better-than-expected earnings.
Johnson & Johnson shares surged 4.5% as the pharmaceutical giant delivered strong second-quarter earnings, beating analysts’ estimates. The company also raised its full-year guidance for adjusted earnings.
Wholesale inflation remained flat in June, giving equity futures a slight boost. However, European stocks began to fall on concerns about regional semiconductor sector and profit warnings from companies like Renault.
In other news, President Trump said that a group of House Republicans who blocked several cryptocurrency regulation bills earlier now have the votes to move forward. This comes after Trump announced that he would impose 30% tariffs on EU goods, which has sparked concerns about trade tensions.
The S&P 500’s 20-day moving average closed above the level for the 12th consecutive day, a sign of higher volatility.
Source: https://www.cnbc.com/2025/07/15/stock-market-today-live-update.html