US stocks rise within 0.5% of their record, even as oil prices keep climbing - AP News

U.S. stocks edged higher Wednesday, with the S&P 500 rising 0.4% (28.81 points) to 7,572.40, leaving it within 0.5% of its record set early last month, while the Dow gained 150.37 points to 52,658.64 and the Nasdaq climbed 162.22 to 26,269.23.
Strong corporate earnings drove the gains, led by BlackRock, which jumped 6.6% after beating profit and revenue expectations; CEO Laurence Fink noted its iShares funds surpassed $6 trillion in assets, roughly doubling over three years.
Bank of New York Mellon rose 5.1% amid a run of strong bank earnings, and Cintas climbed 4.4% after topping profit forecasts, helping offset an 8.5% decline in Elevance Health despite its own better-than-expected results.
Oil prices swung to their highest levels in a month, driven by the ongoing war with Iran, adding a note of caution even as equities advanced.
Fresh inflation data supported the market, with wholesale inflation slowing to 5.5% from 6% in May, better than the acceleration economists had anticipated, following a similarly encouraging consumer inflation report a day earlier.
The softer inflation figures ease pressure on the Federal Reserve, which has been weighing an interest rate increase; higher rates would curb inflation but also slow the economy and weigh on asset prices, while analysts warned that lofty profit expectations must be met to justify stocks trading near records.