U.S. stock benchmarks were marginally higher Wednesday after a four-session win streak ended Tuesday amid concerns about coronavirus treatments, vaccines and rising case numbers.
Mixed corporate earnings results to date for the third quarter and the prospect of no further coronavirus financial aid passing Congress before the elections on Nov. 3 are also weighing on investor sentiment.
How are stock benchmarks performing?
The Dow Jones Industrial Average DJIA, -0.48% gained 34 points, 0.1%, to trade near 28,713, while the S&P 500 SPX, -0.55% index was up 5 points, 0.1%, at 3,517. The Nasdaq Composite COMP, -0.72% added 8 points, 0.1% , at 11,172.
What’s driving the market?
Wednesday marked the second full day of corporate quarterly earnings reports from the likes of Bank of America BAC, -4.04%, Goldman Sachs GS, +0.29% and Wells Fargo WFC, -5.19% as investors looked for signs of economic recovery.
Bank of America reported $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv, while income was at $4.9 billion, or 51 cents a share, from $5.8 billion, or 56 cents a share, in the year-ago period, but above the FactSet consensus of 49 cents a share.
Meanwhile, Goldman reported better-than-expected earnings and revenue that helped to boost the investment bank’s shares in premarket trade. The bank reported earnings per share of $9.68 per share, compared with $5.57 expected by Refinitiv’s consensus estimates, while revenue came in at $10.78 billion, versus consensus estimates for $9.46 billion.