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The Dow Jones Industrial Average rose to a new all-time intraday record on Wednesday, building on its big rally in recent days, as traders pored through the latest batch of strong corporate earnings reports and grew hopeful that the Strait of Hormuz would be reopened in the near term.
The 30-stock index shot higher 406.85 points, to 54,492.73, improving on Tuesday’s record.
The S&P 500 scaled back 4.86 points to 7,731.66.
The NASDAQ Composite dropped 116.82 points to 26,174.06.
Wednesday’s new record highs were supported by Dow member Disney, which rose more than 2% on better-than-expected earnings for its fiscal third quarter, as well as Eli Lilly. Shares of the pharmaceutical giant also moved higher by 2% after its second-quarter earnings and revenue surpassed estimates.
Investors shook off a 4% drop in shares of chip giant Advanced Micro Devices, which posted adjusted earnings that only came in slightly ahead of the Street’s estimates.
Prices for the 10-year Treasury settled, raising yields to 4.64% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 23 cents to $75.54 U.S. a barrel.
Gold prices spiked $150.80 to $4,303.40 U.S. an ounce.
