S&P 500 and Dow Jones Industrial Average Reach New Record Highs Amid Strong Corporate Earnings
The S&P 500 and Dow Jones Industrial Average reached new all-time intraday records on Wednesday, driven by a robust earnings season and optimism regarding a potential U.S.-Iran diplomatic deal. The broad market index gained 0.6%, while the Dow Jones Industrial Average advanced 365 points, or 0.7%. These gains were supported by strong performance from major corporations, including Disney, which beat earnings expectations, and Eli Lilly, which saw shares rise 5% after reporting results that easily surpassed analyst estimates. Investors also reacted to news from the space firm SpaceX, whose shares plunged 12% after its first public earnings report highlighted significant capital expenditures on artificial intelligence. Meanwhile, oil prices remained relatively stable as the administration announced that a deal to reopen the Strait of Hormuz could be reached as early as Wednesday. This diplomatic progress, combined with with strong corporate reports, helped push the three major indexes to their best five-day performance since April 2025. Traders also monitored a weak ADP jobs report for July, which showed private sector hiring slowed considerably compared to previous months.