by David French

NEW YORK (Reuters) – The New York Stock Exchange ended higher on Wednesday, erasing part of its losses from the day before despite a further decline in technology stocks, benefiting from the performance of the financial sector after the publication of quarterly results solid.

The Dow Jones index gained 0.79%, or 337.28 points, to 43,077.70 points.

The broader S&P-500 gained 27.21 points, or 0.47%, to 5,842.47 points.

The Nasdaq Composite advanced 51.49 points (0.28%) to 18,367.08 points.

The Dow Jones returned above the threshold of 43,000 points and signed a closing record – the third in four sessions. The S&P-500, for its part, approached a historic peak.

Wall Street owes much of its gains to the financial sector, after Morgan Stanley published quarterly results above expectations, imitating other large American banks such as JPMorgan Chase. Morgan Stanley gained 6.5%, setting a closing record.

Leading regional banks, such as First Horizon and US Bancorp, also finished higher following their results. In the eyes of Michael Kantrowitz, chief investment officer of Piper Sandler, this is a “small rotation towards the big financial companies at the expense of some of the tech giants.”

Some investor decisions make sense, he said, as monetary policy has become more favorable to bank revenues while optimism about artificial intelligence (AI) has helped companies’ valuations technological. Investors have also turned to sectors where the securities are less expensive than the big technology stocks – a trend that is only temporary, said Michael Kantrowitz, saying he believes in “fundamentals” while the technology giants have mainly contributed to the records. recorded by Wall Street throughout the year.

Apple, which reached a record on Tuesday, ended the session down 0.9%, like other major “tech” stocks, Microsoft, Meta Platforms and Microsoft. On the other hand, Nvidia rebounded, gaining 3.1% after falling 5% the day before.

Among the major sectors of the S&P-500, utilities recorded the largest gain of the day, of 2%, led by Dominion Energy after Amazon announced that the company was among the partners chosen to develop nuclear technology ahead supply its data centers (“date centers”).

Also worth noting among the values, United Airlines jumped 12.4% after announcing quarterly forecasts above expectations and a share buyback program.

The airlines Delta Air Lines and American Airlines also increased, by 6.8% and 7.1% respectively.

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(Written by Jean Terzian)

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