Wall Street climbs again to tack more onto its big rally for the year
NEW YORK (AP) – Another tick higher for Wall Street Wednesday added to its big rally for the year following profit reports from a spate of banks and other big U.S. companies.
The S&P 500 rose 10.74, or 0.2%, to 4,565.72. After its seventh gain the last eight days, it’s now up nearly 19% for the year so far and at its highest level in more than 15 months.
The Dow Jones Industrial Average gained 109.28 points, or 0.3%, to 35,061.21, and the Nasdaq composite edged up by 4.38, or less than 0.1%, to 14,358.02.
Elevance Health helped lead the market after it climbed 4.4% The insurance provider reported stronger profit and revenue for the spring than analysts expected, while raising its forecast for earnings over the full year.
Stocks also broadly got a boost from easing pressure from the bond market. Yields there were holding steady or falling after a report showed
The S&P 500 has already soared 18.9% so far this year as the economy has managed to power through high interest rates, mostly thanks to a remarkably solid job market. Early in the year, much of the market’s gains came from just a small handful of Big Tech stocks, but the gains have broadened out a bit recently as the economy has held up and inflation has cooled more.
In the commodities market, wheat prices surged after Russia launched drone and missile attacks on critical port infrastructure in Ukraine, destroying 60,000 tons of grain. The price of soft red winter wheat, traded in Chicago and used for cookies and specialty products, rose 8.5%.
The attacks come days after Russia pulled out of the Black Sea Grain Initiative, which allowed exports from Ukraine to reach many countries facing the threat of hunger.
In stock markets abroad, the FTSE 100 in London jumped 1.8% following the encouraging inflation data there.
Stocks were mixed elsewhere in Europe and across Asia. Hong Kong’s Hang Seng fell 0.3%, partly due to selling of property shares after troubled developer China Evergrande reported its total debts rose in the past two years to about $340 billion.
In the bond market, the yield on the 10-year Treasury slipped to 3.74% from 3.79% late Tuesday. It helps set rates for mortgages and other important loans.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.