S&P 500 Reaches Three-Week High

U.S. stocks closed modestly higher on Wednesday, led by a rebound in biotechnology companies that pushed the S&P 500 to its highest level in three weeks. The Dow Jones Industrial Average added 122.10 points, or 0.73%, to 16,912.29. The S&P 500 rose 15.90 points, or 0.80%, to 1,995.83. The Nasdaq Composite was up 42.79 points, or 0.90%, to 4,791.15.

Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.

Amazon.com Inc is considering the creation of a live online TV service and has reached out to networks such as CBS Corp and Comcast’s NBCUniversal to express interest in carrying their channels, Bloomberg reported.

Deutsche Bank said it would take charges, including one of 5.8 billion euros, in the third quarter. The bank said expected higher regulatory requirements in its corporate banking and securities and private and business clients units are largely responsible for the 5.8 billion euro charge.