US stock market surges over Bessant comments; S&P 500 ends higher, chip stocks rally
The S&P 500 closed higher on Wednesday due to strong earnings from Morgan Stanley and Bank of America, with the banking index and Philadelphia Semiconductor Index also rising. An investment consortium will purchase a major data center operator, while U.S. Treasury Secretary Scott Bessent assured that the U.S. does not want to escalate trade tensions with China. The Fed left unchanged.