Financial Markets                      04/22 15:31

   

   NEW YORK (AP) -- The U.S. stock market rallied to more records Wednesday 
after GE Vernova, Boston Scientific and other big companies joined the parade 
reporting fatter profits for the start of the year than analysts expected. But 
caution still hung over Wall Street, and oil prices rose on uncertainty about 
what will happen in the war with Iran.

   The S&P 500 jumped 1% and topped its prior all-time high set on Friday. The 
Dow Jones Industrial Average added 340 points, or 0.7%, and the Nasdaq 
composite set its own record after jumping 1.6%.

   GE Vernova flew 13.7% 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.

   Still, another rise in oil prices helped keep enthusiasm in check on Wall 
Street. The price for a barrel of Brent crude oil, the international standard, 
climbed 3.5% to $101.91 on uncertainty about when the war with Iran could let 
up and allow petroleum to flow freely to customers from the Persian Gulf again.

   The war has restricted traffic through the Strait of Hormuz, the narrow 
waterway off Iran's coast that oil tankers typically use to exit the Persian 
Gulf. Iran fired on three ships in the strait and seized two of them on 
Wednesday.

   A day earlier, U.S. President Donald Trump extended a ceasefire but also 
said he was maintaining an American blockade of Iranian ports. The blockade 
keeps Iran from making money by selling its own crude oil.

   The standoff over Iran's closure of the strait and the U.S. blockade raised 
doubts about when or if talks would resume to end the crisis.

   Brent crude has shot up from roughly $70 per barrel since before the war on 
worries about a long-term disruption to the flow of oil. But moves in both the 
oil and stock markets have become more modest in recent weeks, following 
vicious swings where Brent's price briefly topped $119 and the S&P 500 dropped 
nearly 10% below its prior all-time high.

   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. 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%.

   All told, the S&P 500 rose 73.89 points to 7,137.90. The Dow Jones 
Industrial Average added 340.65 to 49,490.03, and the Nasdaq composite climbed 
397.60 to 24,657.57.

   In stock markets abroad, indexes fell in Europe following a mixed finish in 
Asia. Japan's Nikkei 225 rose 0.4%, while Hong Kong's Hang Seng sank 1.2%.

   In the bond market, Treasury yields held relatively steady despite the gain 
in oil prices. The yield on the 10-year Treasury remained at 4.30%, where it 
was late Thursday.

   A day before, it had climbed after Trump's nominee to chair the Federal 
Reserve, Kevin Warsh, said he never promised Trump he would cut interest rates 
even though Trump has been angrily calling for lower rates.

   ___

   AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.

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