Strength from financials helped push the Dow Jones Industrial Average (DJIA) higher by 0.7%, or about 230 points, after the nation's big banks passed the Fed's stress test. 

All 23 U.S. institutions passed the Federal Reserve “stress tests” on their financial resiliency. Investors got other evidence pointing to the resiliency of the U.S. economy, including an upward revision of first-quarter gross domestic product (GDP) growth to 2%, up from initial reports of 1.3%.

JPMorgan Chase (JPM) shares rose 3.4% and Goldman Sachs (GS) shares advanced 3% after each passed the test, while Visa (V) shares moved up 2.8% and American Express (AXP) shares ticked up 0.9% as other financials not subjected to the tests also climbed. 

JPMorgan also edged out Goldman to take over as the top mergers and acquisitions (M&A) firm, according to a study by Bloomberg, the first time Goldman hasn’t been the top M&A firm since 2018.

Shares of defense contractor Honeywell (HON) moved higher by 1.6% after it acquired the heads-up display assets of Swedish aerospace and defense company Saab Technology.

Shares of Walt Disney (DIS) were up 0.2% despite being downgraded by KeyBanc to Sector Weight from Overweight, citing what it called “meaningful uncertainty” for its 2024 outlook. Nike (NKE) shares were flat ahead of its earnings report after markets close. 

Shares of Walgreens Boots Alliance (WBA) fell 2.6% as it continued its decline following an earnings report earlier this week that cut its quarterly outlook while also announcing the closing of 150 U.S. stores. 

Intel (INTC) shares fell 1.7% after chip maker Micron Technology (MU) reported its biggest revenue decline in more than two decades, raising concerns about chipmakers. Intel continued its drop following news that Oracle would expand its database system to Ampere Computing, challenging Intel’s grip on the data center processor market.