US stocks experienced volatility Wednesday following reports that President Trump might fire Federal Reserve Chairman Jerome Powell. Initially, the S&P 500 dropped but later rebounded after Trump denied the reports, although concerns remain. The Dow Jones Industrial Average closed up 0.53% at 44,254.78, the Nasdaq Composite gained 0.26%, reaching a ninth record close this year, and the S&P 500 added 0.32%. Concerns about inflation and the impact of tariffs also influenced market sentiment. Bank earnings results were mixed.

Prepared by Christopher Adams and reviewed by editorial team.