Dow edges higher early Wednesday as Wall Street parses bank earnings

U.S. stocks early Wednesday inched higher, as investors digested corporate quarterly results from the nation’s largest banks for a second day. Goldman Sachs GS, +0.09% reported quarterly results that were much better than expected but results from Bank of America BAC, -3.90%, Wells Fargo WFC, -4.83% and PNC Financial PNC, -1.07% were lackluster. The Dow Jones Industrial Average rose 0.1% at 28,724, the S&P 500 index SPX, +0.02% gained less than 0.1% at 3,515, while the Nasdaq Composite Index COMP, +0.04% advanced 0.1% at 11,880. Investors remain focused on a lack of progress on additional stimulus from Congress, with talks stalled. Fears about the spread of the coronavirus in the U.S. and elsewhere in the world also has given some bulls reason for caution. Still stocks remain mostly within reach of new highs as expectations grow for a postelection stimulus plan that could inject more juice into the economy if Democratic challenger and former Vice President Joe Biden wins the presidency and the Democrats also gain a majority in Congress.

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