Stocks rose Wednesday as a slate of stronger-than-anticipated earnings overshadowed worries about growing trade tensions with China.
Bank of America shares jumped over 4% after the company posted third-quarter earnings and revenue that beat analyst expectations, thanks to strong investment banking revenue. That report comes after a spate of better-than-expected reports from Goldman Sachs and Wells Fargo, among others, on Tuesday.
Morgan Stanley also posted better-than-expected earnings, sending its shares higher by about 4%.
Still, Wall Street veteran Art Hogan believes that stocks will likely trade sideways from here, wavering near all-time highs as long as trade war uncertainty persists. The chief market strategist at B. Riley Wealth Management also said the U.S. government shutdown is another headwind for the market.