Wall Street kept climbing Wednesday, pushing U.S. stock indexes to more records after several major companies reported stronger-than-expected results for the start of 2026. Still, energy prices added caution: Brent crude pushed above $100 amid uncertainty over the war with Iran and the pace of any easing in disruptions affecting shipping and oil exports.
The S&P 500 jumped about 1% to its prior all-time high set Friday, finishing the day up 73.89 points at 7,137.90. The Dow Jones Industrial Average added 340.65 points, or 0.7%, to 49,490.03, and the Nasdaq composite climbed 397.60 points, or 1.6%, to 24,657.57.
Among the companies leading the market higher, GE Vernova rose 13.7% after reporting first-quarter profit that beat analysts’ expectations. The company, which makes equipment used to generate a large share of the world’s electricity, also reported $2.4 billion in equipment orders for data centers during the quarter that outpaced the amount it booked in all of the previous year, and it raised its forecasts for revenue and other full-year measures.
Boston Scientific gained 9%, and Boeing climbed 5.5%, while Philip Morris International rose 7%, as those companies also reported results for the latest quarter that were stronger than analysts expected. The broad rally continued even as the Iran conflict drove up oil prices and added uncertainty about the global economy.
Oil markets reflected that concern. Brent crude climbed 3.5% to $101.91 a barrel, as traders weighed uncertainty about when the war with Iran could allow petroleum to flow freely from the Persian Gulf again. The war has restricted traffic through the Strait of Hormuz, a narrow shipping channel off Iran’s coast that tankers typically use to leave the Persian Gulf.
The disruptions included reported Iranian action in the strait, where Iran fired on three ships and seized two on Wednesday. A day earlier, Trump extended a ceasefire but said he was maintaining an American blockade of Iranian ports, keeping Iran from earning revenue from selling its own crude oil; the standoff raised questions about when, or whether, talks would restart to end the crisis.
Over recent weeks, both stock and oil markets have shown volatility. Brent has risen sharply from roughly $70 per barrel since before the war began, and at one point in recent swings it briefly topped $119, while the S&P 500 dropped nearly 10% below its prior all-time high before rebounding again.
Some investors looked past the broader rally to individual company news. Best Buy fell 4.6% after announcing that CEO Corie Barry would depart; the company said she would be replaced by Jason Bonfig, its chief customer, product and fulfillment officer.
In the U.S. equity market’s higher-risk corner, shares of cannabis companies rose on reports that the Trump administration is preparing to reclassify marijuana as a less dangerous drug. Tilray Brands jumped 14.2% and Canopy Growth rose 20.2% on that news.
Markets abroad were mixed. European indexes fell after Asia posted a mixed finish; Japan’s Nikkei 225 rose 0.4% while Hong Kong’s Hang Seng fell 1.2%. In the bond market, Treasury yields held relatively steady even as oil prices climbed, with the 10-year Treasury yield at 4.30% where it was late Thursday after a rise a day earlier following comments from Trump’s nominee to chair the Federal Reserve, Kevin Warsh, who said he had not promised Trump he would cut interest rates.