Dow, S&P 500 rise as SpaceX earnings surge; Nasdaq climbs on tech rally

21 October 2026 · Source balance: Centre

Stock markets rose on Wednesday as investors reacted to strong earnings from SpaceX and renewed optimism in technology stocks. The Dow Jones Industrial Average gained 360 points, or 0.69 percent, closing at 52,856. The S&P 500 added 0.58 percent to 7,757, while the Nasdaq Composite climbed 1.05 percent to 26,703. SpaceX was a major driver, surging nearly 8 percent after reporting third-quarter revenue of 14.58 billion dollars, up 161 percent from the previous year, and earnings per share of 35 cents, significantly beating expectations. The company's artificial intelligence business proved particularly strong. Elon Musk also announced that SpaceX and Tesla have formed special committees to explore a potential merger. Nvidia and other chip stocks rose on the back of SpaceX's expanded AI capabilities. Investors are now awaiting earnings from Meta and Tesla later in the week.