US Stocks Rise Near Record High        07/15 15:22

   U.S. stocks ticked higher Wednesday following strong profit reports from 
BlackRock and other big companies. The tentative gains came as oil prices swung 
to their highest levels in a month because of the war with Iran.

   NEW YORK (AP) -- U.S. stocks ticked higher Wednesday following strong profit 
reports from BlackRock and other big companies. The tentative gains came as oil 
prices swung to their highest levels in a month because of the war with Iran.

   The S&P 500 rose 0.4% after flipping between modest gains and losses through 
the day, and it's back within 0.5% of its all-time high set last month. The Dow 
Jones Industrial Average added 150 points, or 0.3%, and the Nasdaq composite 
climbed 0.6%.

   BlackRock helped lead the market with a rise of 6.6% after the company 
behind some of the most popular investment funds reported stronger profit and 
revenue for the latest quarter than analysts expected. CEO Laurence Fink said 
its iShares funds topped $6 trillion in assets under management during the 
quarter, roughly doubling in three years.

   Bank of New York Mellon rose 5.1% after adding to the spate of strong 
earnings reports from many of the biggest U.S. banks a day earlier. Cintas 
climbed 4.4% after the provider of office uniforms, restroom supplies and other 
products likewise delivered a better profit for the latest quarter than 
analysts forecast.

   They helped offset a drop for Elevance Health, which fell 8.5% even though 
it reported stronger profit and revenue than analysts expected.

   Expectations are high for U.S. companies' profit growth during the spring. 
They'll need to beat them to justify the big moves their stock prices have 
made, with indexes near their records.

   All told, the S&P 500 rose 28.81 points to 7,572.40 and is within 0.5% of 
its record set early last month. The Dow Jones Industrial Average added 150.37 
to 52,658.64, and the Nasdaq composite climbed 162.22 to 26,269.23.

   The broad U.S. stock market got a lift from another report showing inflation 
slowed last month. It said inflation at the wholesale level slowed to 5.5% from 
6% in May, and it was much better than the acceleration that economists 
expected.

   The day before, a separate report said inflation that U.S. consumers are 
feeling was also not as bad as economists expected last month.

   Such numbers take pressure off the Federal Reserve, which is considering 
raising interest rates. Higher rates would keep a lid on inflation, but they 
also slow the economy and hurt prices for all kinds of investments.

   Following the inflation report, traders see just a 10% chance that the Fed 
will raise its main interest rate at its next meeting in a couple weeks. That's 
down from the nearly 42% probability they saw on Monday, before the inflation 
reports, according to data from CME Group.

   Also helping to pull down expectations was a speech from John Williams, 
president of the New York Fed. He said that "there are encouraging reasons to 
expect that inflation has peaked and should edge down in coming quarters."

   Fed Chair Kevin Warsh, meanwhile, gave few clues on what to expect in 
testimony before a Senate committee. "Any central banker would be happy to have 
data going in the right direction," he said about this week's encouraging 
inflation reports, but "these are all imperfect measures of the state of 
underlying inflation."

   The yield on the 10-year Treasury fell to 4.55% from 4.58% late Tuesday and 
from 4.62% the day before.

   Upward pressure on inflation remains because of the war with Iran, which has 
seen days of back-and-forth strikes by the United States and Iran across the 
Middle East.

   The price for a barrel of Brent crude briefly topped $86 in the morning 
before falling back to settle at $84.95 per barrel, up 0.3% from the day before.

   In stock markets abroad, South Korea's Kospi index jumped 6.2%.

   Seoul's market is dominated by two huge tech companies, Samsung Electronics 
and SK Hynix, and its main index has already had drops of 8.9%, 7.9% and 5.3% 
so far this month because of sharp swings for stocks caught up in the 
artificial-intelligence boom.

   In Amsterdam, ASML reported stronger revenue growth for the latest quarter 
than it had forecast. CEO Christophe Fouquet said continuing progress in AI has 
customers accelerating their expansions, and the maker of chipmaking machinery 
gave a forecast for upcoming revenue growth that topped analysts' expectations.

   ASML's stock in Amsterdam slipped 0.4%, but its stock that trades in the 
United States rose 2.2%.

   Its strong forecast helped calm some of the worries that have sent 
AI-related stocks spinning recently. Chief among them is the possibility that 
their prices shot too high in the euphoria around AI.

   In China, stocks rose 1.4% in Hong Kong but fell 0.3% in Shanghai after the 
government said the world's second-largest economy expanded at a 4.3% 
annualized pace last quarter, down from the 5% growth rate at the start of the 
year.