Stocks Hold Near Records as Earnings Boost Market
The US stock market continued its upward trend on Wednesday, with all major indexes holding near record levels. The S&P 500 index fell a minor 12.97 points to close at 7,723.55, while the Dow Jones industrial Average rose 263.24 points to reach another record high of 54,349.12.
The market's resilience is largely attributed to strong corporate profits and expectations for further growth ahead. Several major companies, including Booking Holdings and The Walt Disney Co., reported robust earnings that helped drive the market higher.
However, not all sectors performed well, with big technology companies like Alphabet and Microsoft experiencing losses. Elon Musk's SpaceX also fell 13.6% after releasing its first quarterly report as a public company, which showed significant spending on artificial intelligence.