By Sruthi Shankar
(Reuters) - Wall Street's main indexes were higher on Wednesday, led by technology and industrial stocks as well as a recovery in the financial sector.
Bank stocks were trading lower for much of the session following underwhelming results from Goldman Sachs and Bank of America.
Goldman Sachs
BofA
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"You saw a lot of earnings estimates increase coming into earnings season, certainly after tax cuts. So one has to wonder if a lot of that optimism has been baked in," said Marcelle Daher, co-head of North American asset allocation at John Hancock Financial Services in Boston.
"As you continue to see muted trading, and particularly a flattening of yield curve that tends to depress net interest margin, the bank stocks could be reacting to that."
At 12:28 p.m. ET (1728 GMT), the Dow Jones Industrial Average <.DJI> was up 212.76 points, or 0.82 percent, at 26,005.62. The index hit the 26,000 milestone for the first time on Tuesday, its fastest 1000-point rise.
The S&P 500 <.SPX> was up 16.75 points, or 0.60 percent, at 2,793.17 and the Nasdaq Composite <.IXIC> was up 42.32 points, or 0.59 percent, at 7,266.00.
Wall Street has rallied strongly in the new year, with the S&P 500 gaining 4.15 percent so far and posting only two sessions of losses, partly on hopes of a robust earnings season.
More than three-quarters of the 36 S&P 500 companies that have reported so far have topped earnings estimates, according to Thomson Reuters I/B/E/S.
Boeing
IBM
IBM, along with Microsoft's
Apple's
Ford
General Electric
Advancing issues outnumbered decliners on the NYSE by 1,822 to 1,006. On the Nasdaq, 1,730 issues rose and 1,151 fell.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)
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