Wall Street Stocks Surge to New Records Amid Corporate Profit Boom

Stocks on Wall Street rose in morning trading Wednesday, adding to their records set a day earlier. The S&P 500 climbed 0.5%, while the Dow Jones Industrial Average surged 487 points, or 0.9%, by 9:53 a.m. Eastern time. This comes as companies are nearing the end of their quarterly earnings reports, with three-quarters already released and showing a sharp overall increase in profits.

Disney's strong financial results were among the highlights, with its stock rising 3.2% after easily beating profit forecasts thanks to a $1 billion box office haul from 'Toy Story 5' and theme park revenue. Booking Holdings also jumped 5.5% following reports of strong travel demand driving profit and revenue growth.

Despite SpaceX's quarterly report showing a smaller loss than expected, the company's stock fell 10.7%. However, this was offset by a boost in Nvidia's shares, which rose 3.9% after partnering with SpaceX for its artificial intelligence technology. Strong corporate profits have been driving stocks higher, despite concerns over high inflation.

The uncertainty surrounding the US war with Iran has continued to hang over the market, but President Donald Trump's comments about a possible deal to reopen the Strait of Hormuz may provide some relief. The price of Brent crude held steady at $79.41 a barrel, while Treasury yields remained relatively unchanged.