NEW YORK (AP) — Most U.S. stocks rose Wednesday following another topsy-turvy day on Wall Street.
The S&P 500 added 0.4%, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back.
The Nasdaq composite climbed 0.7% after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market and edged down by 17 points, or less than 0.1%.
The erratic trading followed Tuesday’s roller coaster, where the Dow careened between a loss of 615 points and a jump of 455. The dizzying moves go back to the end of last week, when President Donald Trump shattered what had been a remarkably calm and strong run for Wall Street by threatening much higher tariffs on China.
Technology stocks helped lead the way Wednesday following a better-than-expected profit report from ASML, a major supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s.
“On the market side, we have seen continued positive momentum around investments in AI,” CEO Christophe Fouquet said, “and have also seen this extending to more customers.” That’s key when worries have been high that a bubble may be forming in artificial-intelligence technology, with too much investment flowing in akin to the 2000 dot-com frenzy.
ASML’s stock climbed 3.1% in Amsterdam. On Wall Street, Broadcom rose 2.1% and Advanced Micro Devices jumped 9.4%. They were two of the strongest forces lifting the S&P 500.
Several big banks also drove the market higher. Bank of America climbed 4.4% after delivering a profit for the latest quarter that was stronger than analysts expected. CEO Brian Moynihan said every line of the bank’s business reported growth.
Morgan Stanley rose 4.8% after likewise reporting a stronger profit than analysts expected. That followed better-than-expected profit reports from several banks the day before, including JPMorgan Chase and Wells Fargo.
They helped offset a…
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