Strong Earnings Boost Wall Street to New Records, Oil Prices Hold Steady

Wall Street stocks and oil prices rose on Wednesday after corporate earnings reports continued to exceed expectations. The S&P 500 climbed 0.4%, while the Dow Jones Industrial Average added 584 points, or 1.1%, as of 10:45 a.m. Eastern time.

The Walt Disney Co. led the gains with a 3% increase after beating profit forecasts thanks to strong box office and theme park revenue. Booking Holdings also rose 6.6% on strong travel demand.

However, SpaceX fell 8.8% despite reporting a smaller-than-expected loss in its first quarterly report as a public company. The tech sector remains a concern with AI-focused companies driving market swings.