The U.S. stock market seemingly can’t be stopped these days, as strong earnings from several industry giants helped the DOW and S&P 500 reach record intraday highs on Wednesday.
The Dow Jones industrial average gained 115 points during regular trading hours Wednesday, hitting a new all-time high in the process. The index’s big move was spurred in part by Boeing’s (BA - Free Report) massive climb after it reported its second-quarter financial results, which have helped it jump 8.35% through early afternoon trading.
The airplane manufacturer added more than 100 points on Wednesday to move past Goldman Sachs (GS - Free Report) as the most expensive stock in the Blue-Chip index.
Solid early Wednesday gains from Apple (AAPL - Free Report) , Coca-Cola (KO - Free Report) , General Electric (GE - Free Report) , and Verizon (VZ - Free Report) also helped the 30-stock index reach an intraday high of 21,742.70. The Dow is up 9.86% year-to-date.
S&P 500 & Nasdaq
The S&P 500 also reached new heights today, just one day after closing—yet again—at an all-time high of 2,477.13, on the back of big movement from Caterpillar (CAT - Free Report) and McDonald’s (MCD - Free Report) . The index opened at 2,479.97 and reached an intraday high of 2,481.69 on Wednesday.
Shares of Advanced Micro Devices (AMD - Free Report) jumped 6.27% in intraday trading, which made it one of the biggest movers in the index. The S&P 500 is up 10.72% so far this year.
The Nasdaq also closed at a new high on Tuesday. The index reached a new all-time high of 6,432.38 during morning trading. However, it has dipped back below its open on Wednesday.
Oil prices rose on Wednesday after news reports showed a much larger drop in U.S. oil stockpiles than initially projected.
The U.S. Energy Information Administration noted that oil stockpiles in the U.S. dropped by 7.2 million barrels last week. Analysts surveyed by The Wall Street Journal projected a fall of about 2.6 million barrels.
This massive reduction in excess oil has helped U.S. crude oil prices rise 1.29% to $48.51 a barrel on Wednesday.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce “the world's first trillionaries,” but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>