Wall Street Stocks Surge Amid Rising Oil Prices and Hopes for Strait of Hormuz Deal

Stocks on Wall Street continued their upward trend Wednesday, adding to their records from the previous day. The S&P 500 rose by 0.6%, while the Dow Jones Industrial Average jumped 381 points. The Nasdaq composite was up 0.4%.

The Walt Disney Co. led the gains after reporting strong earnings driven by 'Toy Story 5' and its U.S. theme parks, with shares rising 3.4% in premarket trading. Meanwhile, SpaceX's stock plummeted over 10% due to increased spending on artificial intelligence, reaching nearly $16 billion.

Oil prices also rose, with Brent crude increasing by 1% to just over $80 a barrel. The gains come as hopes rise for a deal to reopen the Strait of Hormuz, which could ease pressure on the global economy.