Newzstocks climbed following strong profit reports from SpaceX, Capital One Financial and other big companies. The S&P 500 added 0.6% Wednesday and pulled closer to the all-time high it set earlier this month. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite climbed 1.1%.
A much better profit report from SpaceX than analysts expected helped lift several other AI-related stocks, along with Elon Musk’s other public company, Tesla. That made up for losses by Netflix and other stocks hurt by worries about upcoming growth. Treasury yields erased an early dip in the bond market.THIS IS A BREAKING NEWS UPDATE.
AP’s earlier story follows below.NEW YORK (AP) — The U.S. stock market is rising Wednesday following strong profit reports from SpaceX, Capital One Financial and other big companies.The S&P 500 added 0.4% and pulled within 1% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 171 points, or 0.3%, with an hour remaining in trading, and the Nasdaq composite was 0.9% higher.SpaceX helped lead the market and climbed 7.2% after reporting a stronger profit for the summer than analysts expected.
Elon Musk, who runs the company that makes money from artificial-intelligence technology, rockets and other businesses, also said that SpaceX took a step to consider a possible merger with Tesla, his electric-vehicle company.Tesla rose 3.3% ahead of its own earnings report scheduled for late Wednesday and was one of the strongest forces lifting the S&P 500.Other stocks rallying on profit reports that topped analysts’ expectations included Capital One Financial, which rose 2.7%, and Winnebago Industries, which climbed 7.8%.Expectations are high for profit growth during the summer, and companies will need to meet them to justify the big runs their stock prices have made toward records despite worries about high inflation, higher interest rates and other challenges weighing on Wall Street.Winnebago was able to report a more resilient profit than analysts expected even as high fuel prices and frustration among U.S. shoppers restrain interest in recreational vehicles, for example. CEO Michael Happe said its more expensive towable RVs are a tougher sell, but customers are interested in its “more accessible” offerings.On the losing side of Wall Street was Netflix, which fell 4.9% even t…
Investors focused instead on worries that Netflix’s momentum may be slowing. The company’s forecast for revenue growth in the final three months of the year fell short of analysts’ expectations.AT&T fell 5.7% even though it likewise delivered a stronger profit for the latest quarter than analysts expected. It gave a forecast for growth this year in an underlying measure of earnings before income taxes and some other things that fell short of some analysts’ expectations.Among AI stocks, which have been at the center of the market’s action in recent weeks, the movements remained unsettled.After leading the rest of the mar…
stock market is gaining ground Wednesday as strong profit reports from SpaceX, Capital One Financial and other big companies offset updates from Netflix and AT&T that investors found disappointing.The S&P 500 rose 0.7% and was on track for a third straight gain. The Dow Jones Industrial Average was up 286 points, or 0.6%, as of 2:01 p.m. Eastern time, and the Nasdaq composite was 1.2% higher.SpaceX helped lead the market and climbed 6.9% after reporting a stronger profit for the summer than analysts expected.
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