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The S&P 500 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 Dow Jones Industrials shot higher 589.72 points, or 1.1% to 54,675.64, improving on Tuesday’s new record.
The much-broader improved 31.93 points, or 0.4%, to 7,768.45
The NASDAQ Composite acquired 39.54 points to 26,624.54.
The three indexes are tracking for their best five-day performance since April 2025.
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 moved higher by 7% 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.
The two reports add to an already strong earnings season so far, which has seen more than 84% of S&P 500 companies beat expectations
Prices for the 10-year Treasury remained in place, keeping yields at Tuesday’s 4.63%.
Oil prices hesitated 86 cents to $74.91 U.S. a barrel.
Gold prices spiked $145.60 to $4,298.20 U.S. an ounce.
