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US stocks rose on Wednesday after a batch of mixed earnings reports, despite warnings of slower growth ahead.
The Dow Jones Industrial Average rose 59.11 points, or 0.2%, to 25,403.18 and the S&P 500 climbed 11.27 points, or 0.4%, to 2,722.18. The Nasdaq Composite advanced 42.90 points, or 0.6%, to 7,240.95.
The moves upwards came after JPMorgan Chase and UnitedHealth Group reported better-than-expected quarterly earnings, elevating sentiment in the market. JPMorgan surged 4.9% and UnitedHealth rose 5.4%.
Other financial companies, including Bank of America and Wells Fargo, likewise put in strong performances. Bank of America gained 3.2% and Wells Fargo rose 1.5%. These companies’ stock performances showed investors’ approval of their respective strategies despite the expected slowdown in 2019.
Nevertheless, the mixed earnings cast a shadow on market sentiment. Some companies failed to meet earnings expectations, and the outlook for future growth also troubled some investors.
“The overall takeaway here is that companies beat earnings on the top line but cautioned on expenses and weak segments,” said Art Hogan, chief market strategist at National Securities.
“The overall problem is that in 2019, we’re probably looking at earnings growing less than 0%, and that’s a problem.”
Still, despite these challenges, investors remain bullish over the long-term outlook for the market.
Overall, US stocks advanced on Wednesday following a mixed bag of earnings, with investors bullish on the overall direction of the market in the coming months.
