"But for today, the relief we hope for is to reopen the government, avoid default, and protect the historic cuts we achieved under the BCA," McConnell concluded. "This is far less than many of us had hoped for. But it's far better than what some had sought."
The Senate's legislation will next be sent to the House of Representatives, after which it may be sent back to the Senate with demands for changes.
Dow Jones Industrial Average
ended with gains of 1.4%, while the
advanced by 1.2%. The
KBW Bank Index
rose over 2% to 64.70, with all 24 index components showing gains, except for
Bank of New York Mellon
(BK - Get Report)
, which was down slightly to close at $30.78.
BNY Mellon early on Wednesday reported a
7% sequential decline in revenue
for the third quarter, although the company also reported operating earnings of 60 cents a share, which came in ahead of the consensus 58-cent estimate among analysts polled by
(JPM - Get Report)
rose 3.3% to close at $54.05, after the nation's largest bank entered into
a $100 million settlement
with the Commodities Futures Trading Commission springing from last year's "London Whale" hedge trading losses.
Bank of America's
(BAC - Get Report)
stock was up over 2% to close at $14.56, after the company reported
third-quarter earnings of $2.5 billion
, or 20 cents a share, coming in slightly behind the consensus EPS estimate of 21 cents.
Bank of America continued the trend of weak third-quarter trading revenue for major U.S. banks, and also reported
a rise in legal expenses
Please see the links below for extensive coverage of the flurry of bank earnings announcements on Wednesday.
-- Written by Philip van Doorn in Jupiter, Fla.