Wall Street stocks edged higher in morning trading
Wednesday as investors analysed the latest round of corporate earnings and a
positive report from Delta Air Lines that bodes well for the broader travel
industry.

The S&P 500 rose 0.42% to 4,415.10 am Eastern Time
Zone. Dow Jones Industrial Average rose 131.35 points or 0.38% to 34,351.71.
The Nasdaq rose 166.52 points or 1.26% to 13,537.72

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Travel sector companies were the biggest gainers after
Delta posted strong revenue during its first quarter and solid bookings. For
the broader travel industry, the update is positive as airlines, cruise lines
and hotels prepare for the summer vacation season.

Delta stocks rallied 4.7% and contender American Airlines
rose 8.1%. Delta and United Airlines both surged more than 4%. Cruise line
operators Carnival, Royal Caribbean and Expedia group also gained over 3%.

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Technology companies contributed to the heavy rise in the
broader market. Expensive valuations for many big technology companies lend
more weight to moving the broader market in either direction.

Bank stocks fell after a weak earnings report from
JPMorgan, which fell 3.1% after reporting a sharp decline in profits as wrote
down around $1.5 billion in assets due to higher inflation and Russian-Ukraine
War.

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Bond yields fell. The yield on the 10-year Treasury
declined to 2.66% from 2.72%.

The gains for stocks came after three losses in a row for
the benchmark S&P 500 index brought on by persistent concerns about
inflation and Federal Reserve’s higher interest rate policy to curb soaring
prices.

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According to the Labor Department report, the increasing
cost of energy pushed wholesale prices up a record 11.2% last month from a
year-ago period, another indicator that inflationary pressure is widespread in
the US economy. The report comes a day after the department said that consumer
prices remain at their highest levels in generations.

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US crude oil prices surged 1.4% and are up nearly 40% for
the year. That has driven up gasoline prices and added to inflation’s hit on
people’s wallets.