US Stocks Add to Records as Corporate Profits Fuel Market Rally

The stock market continued its upward trend on Wall Street Wednesday, adding to the records set a day earlier. 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.

Companies such as Walt Disney Co. and Booking Holdings led the gains, with their stocks rising 3% and 6.6% respectively after beating Wall Street's profit forecasts. SpaceX fell 8.8% despite reporting a smaller loss than expected in its first quarterly report as a public company.

The strong corporate profits and expectations for more growth ahead have been steering the market higher. However, there are concerns about stock prices becoming unjustifiably high, especially within the technology sector.