Wall Street Stocks Rise as Corporate Profits Soar

Stocks on Wall Street rose Wednesday morning and continued their winning streak, adding to their records set the day before. The S&P 500 index climbed 0.5%, while the Dow Jones Industrial Average jumped 487 points, or 0.9%, by 9:53 a.m. Eastern time. The Nasdaq composite also rose, but less sharply at 0.3%.

The surge in stocks comes as companies report strong earnings and expectations for continued growth. Three-quarters of the S&P 500 companies have already reported results, with an average profit increase of 50% expected by the end of the quarter. The Walt Disney Co. led the way, rising 3.2% after easily beating Wall Street's profit forecasts thanks to a $1 billion box office haul from 'Toy Story 5' and strong theme park revenue.

Other companies like Booking Holdings also reported strong financial results, with a 5.5% jump in its stock price after reporting profit and revenue growth driven by travel demand. However, not all news was positive, as SpaceX fell 10.7% despite reporting a smaller-than-expected loss in its first quarterly report as a public company.