Wall Street rebounds as bank earnings boost market confidence
NEW YORK, Jan 16 — US stocks rose on Thursday, ending a two-day decline, driven by strong quarterly results from major banks and a chipmaker's performance.
Morgan Stanley and Goldman Sachs shares surged after reporting upbeat earnings, contributing to the market's gains.
Taiwan-based chipmaker TSMC's blockbuster results boosted shares of US chipmakers, further supporting the rally.
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closed higher, with financial and technology sectors leading the advance.
Investors reacted positively to the earnings reports, which indicated resilience in the banking industry amid economic uncertainties.
Market analysts noted that the results helped offset concerns from recent declines and provided a confidence boost.
The rally came after two consecutive days of losses, with Thursday's gains marking a reversal in sentiment.
TSMC's strong performance highlighted continued demand in the semiconductor sector, benefiting related US companies.
Overall trading volume was moderate, with no major economic data releases influencing the session.
Future market movements may depend on upcoming earnings reports and economic indicators, analysts said.