(CNBC) -- Stocks rose on Wednesday as investors cheered strong quarterly earnings from major banks like Goldman Sachs and Bank of America.
The Dow Jones Industrial Average rose 200 points as Goldman Sachs outperformed. The S&P 500 gained 0.5 percent, led by a 2.5 percent gain in financials. The Nasdaq Composite climbed 0.35 percent.
Goldman Sachs posted blowout quarterly earnings, sending the stock up 8.8 percent. Bank of America also rose 7.5 percent after reporting a record quarterly profit. The reports follow the releases of fourth-quarter results from Citigroup, J.P. Morgan Chase and Wells Fargo earlier this week. Morgan Stanley, another major bank, is scheduled to report on Thursday.
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