U.S. stocks rallied on Wednesday, with the S&P 500 closing at an all-time record high of 4,995. This has put the U.S. benchmark on track to hit the 5,000-point mark for the first time in its history.
It was the tech-heavy Nasdaq Composite that was the big earner of the day, surging by 1%, while the S&P 500 advanced by over 0.8%. The Dow Jones Industrial Average closed 0.4% higher, or 150 points. Equities largely rose along with investor confidence following the influx of positive corporate earnings.
Disney shares rose by over 6% after the company reported fiscal first-quarter earnings that beat expectations, with Disney adding that it would be boosting its cash dividend by 50%. On the other end of the spectrum, Snap shares plunged by over 34% after the social media company posted a lower profit forecast for the current quarter than expected.