- The S&P 500 stuck close to record highs as the first-quarter earnings season kicked off.
- Goldman Sachs, JP Morgan Chase and Wells Fargo each turned in better-than-expected results.
- Coinbase will make its trading debut on Wednesday.
- See more stories on Insider’s business page.
US stocks clung near record highs Wednesday as the first-quarter earnings season began its shift into high gear with blowout earnings results from big banks including Goldman Sachs.
The S&P 500 sought to build on its record close Tuesday that was led by tech stocks. Shares in that sector were also higher on Wednesday, giving a boost to the Nasdaq Composite.
The new quarterly earnings season started out with JP Morgan Chase JP Morgan Chase and Wells Fargo each turning in profit that surpassed Wall Street’s targets. Goldman Sachs beat revenue and profit expectations, aided by strong trading and investment banking revenue.
Here’s where US indexes stood at 9:30 a.m. on Wednesday:
- S&P 500: 4,140.62, down 0.02%
- Dow Jones Industrial Average: 33,723.15, up 0.14% (45.88 points)
- Nasdaq Composite: 14,002.31, up 0.04%
A light economic calendar will “leave plenty of time for investors to watch the debut of Coinbase to the public markets. The listing couldn’t come at a better time for the company as crypto-currencies have been on absolute fire with both bitcoin and ether trading at record highs and riding what looks to be their seventh straight day of gains,” said Paul Hickey, co-founder of equity research firm Bespoke in a note.
Around the markets, Credit Suisse reportedly put $2 billion of Archegos-linked stocks on the market after the hedge fund’s meltdown. Part of the stock offering included Discovery Communications whose shares were lower Wednesday.
The First North American bitcoin ETF surges beyond $1 billion under management.
Gold fell 0.5% to $1,737.50 per ounce. Long-dated US treasury yields rose, with the 10-year yield at 1.634%.
Bitcoin surged to $64,115.