The US stock market set more records Wednesday after GE Vernova and other big companies joined the parade of companies reporting fatter profits for the start of the year than analysts expected.
- The S&P 500 rose 73.89 points, or 1%, to 7,137.90, topping its prior all-time high set on Friday.
- The Dow Jones Industrial Average rose 340.65 points, or 0.7%, to 49,490.03.
- The Nasdaq rose 397.60 points, or 1.6%, to 24,657.57, setting its own record.
But caution still hung over Wall Street, and oil prices rose on uncertainty about what will happen in the war with Iran, the
AP reports. The price for a barrel of Brent crude oil, the international standard, climbed 3.5% to $101.91.
GE Vernova flew 13.8% higher after the company, whose products help generate about a quarter of the world's electricity, reported profit for the first three months of the year that blew past analysts' expectations. Like the broader stock market, GE Vernova is benefiting from the rise of artificial-intelligence technology, and its electrification business booked more equipment orders for data centers during the quarter, $2.4 billion, than it did during all of last year. The company also raised its forecasts for revenue and other financial measures over the full year.
The vast majority of companies in the S&P 500 have so far been delivering results for the start of 2026 that have topped analysts' expectations, even with the war in Iran driving up oil prices and uncertainty for the global economy. Such strong performances have helped the S&P 500 power higher, and the index recorded its 13th gain in its last 16 days. Boston Scientific rallied 9%, Boeing climbed 5.5%, and Philip Morris International rose 7% after all likewise delivered results for the latest quarter that were stronger than analysts expected.
- On the losing end of Wall Street Wednesday was Best Buy, which fell 4.6% after the electronics retailer announced the departure of CEO Corie Barry. She will be replaced by longtime insider Jason Bonfig, the company's chief customer, product, and fulfillment officer.
Stocks of cannabis companies rose amid reports that the Trump administration is preparing to reclassify marijuana as a less dangerous drug. President Trump signed an executive order in December meant to speed up the Drug Enforcement Administration's process for reclassifying the drug, a move that would not make it legal for recreational use by adults nationwide, but could change how the drug is regulated and reduce a hefty tax burden on the cannabis industry. Tilray Brands jumped 14.2%, and Canopy Growth soared 20.2%.
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