S&P Hits Record 7137, Profits Soar, Fears Ease

0:00It's April 22, I'm Cory with the story. This is Canada News Today, driven by AI. Wall Street's riding high again, with the S&P 500 closing at a record 7,137.90 on Wednesday. Investors shook off a scary 10% drop last month, proving patience pays as the index not only bounced back, but smashed new highs. At the core, it's all about companies raking in fat profits, making folks willing to pay top dollar for shares. Fears fading fast since that shaky ceasefire between the U.S. and Iran kicked in earlier this month. Oil prices spiked to $119 a barrel at the peak, but settled around 100 now, easing worries about inflation waves from, the Strait of Hormuz drama, higher interest rates had spooked everyone before, but calmer vibes let the market refocus. Folks are breathing easier, shifting eyes from more headlines to solid earnings reports. For 15% of S&P companies already beat first quarter profit forecasts, from banks like

1:00Citigroup to health giants like UnitedHealth. If the rest match estimates, overall profits jump 14% from last year, showing a tough U.S. economy with steady spending, analysts are even pumping up outlooks, predicting 20% growth in the second quarter. Airlines by Delta see booming travel demand, Pepsi Co's holding firm on global resilience, and GE Vernovas cashing in on AI power needs with raised, forecasts, CEOs are calling the consumer base rock solid, still one wrong move in U.S. Iran talks could spike oil again, squeezing profits and wallets. For now though, strong earnings and dial back fears keep stocks climbing, reminding us markets reward the steady hand.