NEW YORK: The S&P 500 and Dow indexes edged higher in volatile trading on Tuesday as investors digested a mixed bag of quarterly earnings reports from US lenders but technology stocks fell on worries over new business restrictions in California.
Largest US lender JPMorgan Chase & Co was up 0.2% after it posted a smaller-than-expected 51% drop in second-quarter profit.
However, Wells Fargo & Co tumbled 5.7% after booking a quarterly loss for the first time since the 2008 financial crisis. Citigroup Inc was also down 2.7% as it reported a steep fall in quarterly profit.
The S&P 500 banks index slipped 1.3% as the banks set aside a combined $28 billion to cover potential losses on loans to borrowers hurt by the coronavirus pandemic.
At 11:27 a.m. ET, the Dow Jones Industrial Average was up 232.92 points, or 0.89%, at 26,318.72, the S&P 500 was up 7.16 points, or 0.23%, at 3,162.38. The Nasdaq Composite was down 43.84 points, or 0.42%, at 10,347.00.
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