Stocks climbed to record highs Wednesday as investors sifted through positive news on the U.S. economy and a number of corporate earnings reports.

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The Dow Jones Industrial Average slipped 53 points, or 0.18%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were higher by 0.11% and 0.48%, respectively, after finishing Tuesday's session in record territory.

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES28268.02+19.58+0.07%SP500S&P 5003469.84+26.22+0.76%I:COMPNASDAQ COMPOSITE INDEX11647.720818+181.25+1.58%

Looking at the economy, durable goods orders jumped 11.2% month over month in July, outpacing the 4.3% increase that analysts surveyed by Refinitiv were expecting. Durable goods excluding transportation, a category where big-ticket items can skew data, rose 2.4%, also topping estimates.

In stocks, Apple Inc. shares received a $600 price target, up from $515, at Wedbush Securities, due to the upcoming supercycle that will see 350 million iPhones become eligible for an upgrade to the iPhone 12.

Bed Bath & Beyond Inc. will eliminate a total of 2,800 corporate and retail jobs as part of a restructuring plan that will generate annual pre-tax savings of $150 million.

TickerSecurityLastChangeChange %AAPLAPPLE INC.504.86+5.56+1.11%BBYBEST BUY112.16-0.48-0.43%CRMSALESFORCE.COM272.94+56.89+26.33% Inc. reported record sales and raised its full-year outlook as the work-from-home environment caused by COVID-19 boosted demand for cloud-computing services. The business-software provider will be a member of the blue-chip Dow beginning on Monday.

Luxury homebuilder Toll Brothers Inc. said signed contracts soared 26% to a quarterly record of 2,833 units as low interest rates and an undersupply of homes provided a boost.

Dick’s Sporting Goods Inc. posted record earnings and sales as customers splurged on home-fitness products amid the pandemic. The sporting goods retailer said digital sales were up 194% from last year.

TickerSecurityLastChangeChange %TOLTOLL BROTHERS44.95-1.10-2.39%DKSDICKS SPORTING53.50+6.83+14.63%

Nordstrom Inc.'s digital sales slid 5% from a year ago as the department store pushed back its Anniversary Sale from the second to the third quarter. Both earnings and revenue fell short of expectations.

TickerSecurityLastChangeChange %JWNNORDSTROM14.67-0.87-5.60%

West Texas Intermediate crude oil gained 16 cents to $43.54 per barrel as Hurricane Laura strengthened ahead of its expected Thursday morning landfall on the Texas-Louisiana border, raising the risk of disruption to the country's oil supply. Gold, meanwhile, rose $18.30 to $1,941.40 an ounce.

U.S. Treasurys were under modest selling pressure, causing the yield on the 10-year note to climb by 3.4 basis points to 0.714%.


In Europe, France's CAC rose 0.31% while Germany's DAX added 0.29%; Britain's FTSE slipped 0.23%.

Asian markets finished mixed, with China’s Shanghai Composite sliding 1.3%, Japan’s Nikkei slipping 0.03% and Hong Kong’s Hang Seng edging up 0.02%.

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