NEW YORK: Wall Street gained on Wednesday with the S&P 500 hitting its highest in more than four months following a strong quarterly showing by Goldman Sachs and promising early data for a potential Covid-19 vaccine.

The US lender jumped 1.4% as its trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March.

Morgan Stanley gained 0.6% and Bank of America 1.1% ahead of their results on Thursday, which would wrap up earnings from the big six US banks. The broader banking index climbed 2.0%.

Travel-related stocks Carnival Corp, Royal Caribbean Cruises Ltd, Marriott International and Wynn Resorts rose between 7% and 11%, with the S&P 1500 airlines index up 6.4%.

At 10:49 a.m. ET, the Dow Jones Industrial Average was up 342.12 points, or 1.28%, at 26,984.71, the S&P 500 was up 38.89 points, or 1.22%, at 3,236.41. The Nasdaq Composite was up 114.95 points, or 1.10%, at 10,603.52.

Apple rose 1.6% after Europe's second-top court rejected an EU order to the iPhone maker to pay 13 billion euros ($14.78 billion) in Irish back taxes.