Dow Hits New Record on Earnings and Hormuz Hopes

The Dow Jones Industrial Average reached a new all-time high on Wednesday, fueled by strong corporate earnings and optimism over a potential deal to reopen the Strait of Hormuz.

Disney and Eli Lilly led the charge, with shares rising more than 2% each after beating expectations for their quarterly earnings. The two companies are key components of the Dow, which rose 485 points or 0.9% on the day.

The S&P 500 also set a new record, climbing 0.1%, while the Nasdaq Composite hovered near the flatline. Over the past week, the Dow and S&P 500 have each risen nearly 6%, with the Nasdaq up almost 9%.

Nvidia benefited from a boost after Elon Musk's SpaceX said it would use only Nvidia processors in building its AI computing infrastructure, sending shares up close to 4%. However, not all stocks participated in the rally, with Advanced Micro Devices falling more than 6% and SpaceX dropping over 7%.