The stock market was having a strong day on Wednesday, with the S 500 (SNPINDEX: ^GSPC) up by about 2% at 3:30 p.m. ET. However, the financial sector was one of the better performers, and American Express (NYSE: AXP) was up by as much as 5%.

There are two main reasons for this move: bank earnings and inflation data. So, let's take these one at a time.

First, several big banks kicked off earnings season on a high note. Wells Fargo (NYSE: WFC), Goldman Sachs (NYSE: GS), (NYSE: C), and JPMorgan Chase (NYSE: JPM) all reported better-than-expected results for the fourth quarter. Some even surprised the market with an optimistic outlook. For example, Wells Fargo said that it expects net interest income to rise in 2025.

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Source Fool.com