Business
Heard on the Street Recap: In the Chips
What Happened in Markets Today
Stocks swing back. U.S. stocks mostly gained Thursday, with the S&P 500 rising 0.3% after two straight sessions of losses. Weakness in categories like software and internet offset a major gain in chips, leading the tech-heavy Nasdaq Composite to pick up just 0.3% for the day.
Wall Street banks flex their strength. The Dow rose 293 points and outperformed the S&P 500 and Nasdaq thanks mostly to a nearly 5% jump by Goldman Sachs–the most expensive stock in the price-weighted index. Goldman and Wall Street rival Morgan Stanley both reported record annual revenues on Thursday, capping a strong earnings season for major banks. Morgan Stanley shares jumped nearly 6%.
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