16 Oct 2025 | 3 Mins Read
Stocks Close Higher, Lifted by Bank Earnings and Chip Surge
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The S&P 500 rose 0.40% on Wednesday, driven by Morgan Stanley's 4.7% gain and Bank of America's 4.4% increase after beating earnings estimates. The S&P 500 banking index rose 1.2% and the Philadelphia Semiconductor Index jumped 3% after ASML's strong earnings report. The consumer appears to be fine, with people spending and employment not falling.