Dow Hits New Highs Amid Strong Earnings and AI Deals

The US stock market experienced a surge on Wednesday, with the Dow Jones Industrial Average setting a new record high. The index added 473 points, or 0.9%, to reach its highest level in recent history.

The strong corporate earnings reports from companies such as Disney and Booking Holdings contributed to the market's growth. Disney rose 3.7% after beating Wall Street's profit forecasts, while Booking Holdings jumped 6.5% due to increased travel demand.

However, not all companies performed well. Elon Musk's SpaceX fell 11.9% following its first quarterly report as a public company, which showed significant spending on artificial intelligence. The company's announcement that it would exclusively use Nvidia's chips for AI technology weighed on Advanced Micro Devices, causing the stock to fall 6.2%.