U.S. stock markets closed mostly higher on Wednesday on renewed hopes of further negotiations to end the Middle East crisis. Strong first-quarter earnings results also boosted market participants sentiment on risky assets like equities. The S&P 500 and the Nasdaq Composite ended in positive territory while the Dow finished in the red.
The Dow Jones Industrial Average (DJI) fell 0.2% to close at 48,463.72. Notably, 19 components of the 30-stock index ended in negative territory while 11 ended in positive territory.
The tech-heavy Nasdaq Composite finished at 24,016.02, advancing 1.6% or 376.93 points due to the solid performance by technology bigwigs, especially AI giants. This marked the tech-laden index’s new record close. At intraday high, the index touched an all-time high of 24,026.56.
The S&P 500 gained 0.8% to finish at 7,022.95, reflecting the benchmark’s new record closing high. At intraday high, the index touched an all-time high of 7,026.24. Eight out of 11 sectors of the broad-market index ended in positive territory while three ended in negative territory.
The Consumer Discretionary Select Sector SPDR (XLY), the Information Technology Select Sector SPDR (XLK), the Communication Services Select Sector SPDR (XLC) and the Real Estate Select Sector SPDR (XLRE) rose 2.2%, 1.6%, 1.5% and 1%, respectively. On the other hand, the Energy Select Sector SPDR (XLE) tumbled 2%.
The fear gauge CBOE Volatility Index (VIX) was down 1% to 18.17, marking its lowest level since Feb. 26. A total of 18.66 billion shares were traded on Wednesday, lower than the last 20-session average of 19.18 billion. Advancers outnumbered decliners on the NYSE by a 1.2-to-1 ratio. On the Nasdaq, a 1.47-to-1 ratio favored advancing issues.
On Monday, President Donald Trump said “We’ve been called by the other side.” He added, “They’d like to make a deal very badly.” On Tuesday, Trump told the New York Times that renewed peace talks may start in Pakistan within the next two days. On Wednesday, President Trump reiterated his statement on the Iran war in an interview with Fox Business.
Bank of America Corp.’s BAC first-quarter 2026 earnings of $1.11 per share handily surpassed the Zacks Consensus Estimate of $1.00. The bottom line grew 24.7% year over year. Quarterly net revenues were $30.27 billion, which surpassed the Zacks Consensus Estimate of $29.94 billion. The top line rose 7.2% from the prior-year quarter.
