U.S. stocks closed higher for a second consecutive session on Wednesday as strong earnings from major banks lifted financial shares to a record high, offsetting continued weakness across parts of the technology sector.

The Dow Jones Industrial Average, S&P 500, and Nasdaq all finished in positive territory, with the S&P 500 moving closer to its record closing high from June. Financial stocks led the advance after another round of stronger than expected quarterly earnings from large banks boosted investor sentiment.

BlackRock climbed after reporting better than expected quarterly results and announcing that assets under management had surpassed $6 trillion through its iShares business. Other financial firms, including Bank of New York Mellon, also advanced following earnings.

Technology shares were mixed as weakness in chipmakers and hardware companies weighed on the sector, although several large cap AI related companies finished higher and helped support the broader market.

Markets also digested fresh geopolitical developments after the United States launched another round of strikes against Iran, pushing oil prices higher during the session before they pared gains. 

Investors continued to monitor inflation data released earlier this week, which strengthened expectations that the Federal Reserve could keep interest rates steady in the near term.