NEW YORK (AP) — The U.S. stock market rose Wednesday following strong profit reports from SpaceX, Capital One Financial and other big companies.
The S&P 500 added 0.6% and pulled within 0.8% of its all-time high set earlier this month. The Dow Jones Industrial Average gained 360 points, or 0.7%, and the Nasdaq composite climbed 1.1%.
SpaceX helped lead the market and climbed 7.8% after reporting a stronger profit for the summer than analysts expected. Elon Musk, who runs the company that makes money from artificial-intelligence technology, rockets and other businesses, also said that SpaceX took a step to consider a possible merger with Tesla, his electric-vehicle company.
Tesla rose 3.4% and was one of the strongest forces lifting the S&P 500.
Other stocks rallying on profit reports that topped analysts’ expectations included Capital One Financial, which rose 2.5%, and Winnebago Industries, which climbed 10.7%.