FX.co ★ US Stocks Close Volatile Session Higher

On Wednesday, U.S. stock markets closed on a positive note as President Trump negated reports of plans to dismiss Federal Reserve Chair Jerome Powell, though he did not completely dismiss the possibility. The S&P 500 increased by 0.3%, the Dow advanced by 231 points, and the Nasdaq 100 saw a slight gain of 0.1%, reaching new record highs. Initially, markets experienced a downturn due to reports indicating that Trump was considering Powell's removal, which added to investor concerns about persistent inflation and ongoing trade tensions. Some relief came with June's unchanged Producer Price Index, following a Consumer Price Index report on Tuesday that highlighted the fastest annual inflation since February. On the corporate level, Bank of America declined by 0.3% as its revenue fell short of expectations, while Morgan Stanley decreased by 1.3% despite reporting strong earnings. In contrast, Goldman Sachs rose by 1% after surpassing profit estimates, and Johnson & Johnson surged 6.2% with strong results and an enhanced full-year financial outlook.