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Stocks mostly rose on Wednesday bank shares got a lift from higher interest rates. Sentiment on Wall Street was also boosted as investors bet that a trade war between the U.S. and China will not be as bad as previously feared.
The Dow Jones Industrial Average jumped 191.34 points to break for lunch Wednesday at 26,438.30, with J.P. Morgan Chase as the best-performing stock in the index.
The S&P 500 eked up 5.26 points to 2,907.57, as financials jumped more than 1.5%.
The NASDAQ leaned lower 14.25 points to 7,935.36, however, as Facebook, Amazon, Netflix, Alphabet and Apple all fell.
Goldman Sachs and Bank of America both rose more than 2%, while Morgan Stanley gained 1.8%. Shares of J.P. Morgan Chase advanced 2.4%, and Citigroup gained 2.5%.
China slapped tariffs on $60 billion worth of U.S. goods on Tuesday. Prior to that, the Trump administration had put levies on about $200 billion worth of Chinese products.
Boeing climbed 1.8%, and Caterpillar acquired 2.2%. Both companies are seen as bellwethers for trade given their large overseas exposure.
Tesla shares fell 0.6% after the company said the Justice Department last month requested documents regarding CEO Elon Musk's tweets in early August about taking the company private. The New York Times also reported the Securities and Exchange Commission has sent subpoenas to Goldman Sachs and Silver Lake, which helped Tesla evaluate going private.
Netflix shares rose as much as 2.7% before falling more than 1%, after analysts at Guggenheim hiked their price target on the stock to $420 from $360, implying a 14.2% upside from Tuesday's close.
Prices for the benchmark for the 10-year U.S. Treasury demurred, upping yields to 3.07% from Tuesday’s 3.05%. Treasury prices and yields move in opposite directions.
Oil prices were stronger by 90 cents to $70.75 U.S. a barrel.
Gold prices perked five dollars to $1,207.90
