Financial Markets                      10/15 15:29

   

   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 3.9% drop for PNC Financial. It reported a 
stronger-than-expected profit for the latest quarter, but it also gave a 
forecast for upcoming earnings that some analysts said was below expectations.

   Abbott Laboratories sank 2.4% after its revenue for the latest quarter 
finished just shy of analysts' expectations.

   All told, the S&P 500 rose 26.75 points to 6,671.06. The Dow Jones 
Industrial Average slipped 17.15 to 46,253.31, and the Nasdaq composite climbed 
148.38 to 22,670.08.

   Companies are under pressure to deliver strong profits after their stock 
prices broadly surged 35% from a low in April. To justify those gains, which 
critics say made their stock prices too expensive, companies will need to show 
they're making much more in profit and will continue to do so.

   Corporate profit reports are also under more scrutiny than usual as 
investors hunt for clues about the health of the U.S. economy. That's because 
the U.S. government's latest shutdown is delaying important updates on the 
economy, such as the report on inflation that was supposed to arrive Wednesday.

   The lack of such reports is making the job more difficult for the Federal 
Reserve, which is trying to figure out whether high inflation or a slowing job 
market is the bigger problem for the economy.

   The Fed cut its main interest rate last month for the first time this year, 
and officials indicated more may be on the way to give the job market a boost. 
But too low interest rates can push upward on inflation, which has remained 
stubbornly stuck above the Fed's 2% target.

   Comments from the Fed's chair, Jerome Powell, on Tuesday may have hinted 
more cuts to rates may be on the way.

   In the bond market, the yield on the 10-year Treasury held at 4.03%, where 
it was late Tuesday.

   One big winner because of expectations for coming cuts to rates has been 
gold, and its price rose 0.9% to top $4,200 per ounce. It's up nearly 60% for 
the year so far because of a variety of reasons. Investors are looking to buy 
something that can offer protection from trade wars, real military wars and the 
prospect of higher inflation coming because of mountains of debt being amassed 
by the U.S. and other governments worldwide.

   In stock markets abroad, indexes were mixed in Europe following a stronger 
finish in Asia.

   South Korea's Kospi jumped 2.7%, and France's CAC 40 rose 2% for two of the 
world's bigger moves.

   ___

   AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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