NEW YORK (AP) — The U.S. stock market is pushing to more records Thursday as companies like Dollar Tree, Snowflake and Hormel Foods keep piling up profits. That's even as oil prices continue to swing and more data shows pressure building on the economy because of the war with Iran.

The S&P 500 added 0.6% to its all-time high set the day before after drifting between small gains and losses earlier in the morning. The Dow Jones Industrial Average was up 39 points, or 0.1%, as of 12:23 p.m. Eastern time, and the Nasdaq composite was 0.8% higher after both indexes also set records the day before.

Even with worries about expensive oil and high inflation, the U.S. stock market has run to records largely because U.S. companies keep making more money. Stock prices tend to follow the path of corporate profits over the long term, and companies have been routinely topping analysts' expectations for the first three months of 2026.

Dollar Tree’s stock soared 18.2% after it became the latest to report fatter profit than analysts expected. CEO Mike Creedon said improved store conditions helped the retailer make more profit off each $1 in sales during the latest quarter despite tariffs adding to its costs. The company also gave a forecast for profit over the full year that topped analysts’ expectations.

Kohl’s rallied 16.9% after the retailer reported better results for the latest quarter than analysts had feared, while Best Buy climbed 18.8% following its own better-than-expected profit report. Hormel Foods climbed 9.8% after a strong performance for its Jennie-O ground turkey and exports of its Spam luncheon meat helped it report a better profit than analysts expected.

Snowflake rose 37.6% after saying artificial intelligence continues to be a strong driver of its business, and profit and revenue for the latest quarter exceeded expectations.

They helped offset a dip for Marvell Technology, which fell 1.3% after its profit for the latest quarter only matched analysts' expectations. It also said AI is driving big revenue growth for it, particularly its data center business.

In the oil market, prices ticked higher following their latest U-turns. The price for a barrel of benchmark U.S. crude oil rose 1.1% to $89.61, but only after bouncing between $87 and $92. It's been swinging as hopes rise and fall that the United States and Iran may reach a deal to reopen the Strait of Hormuz and get oil flowing again from the Persian Gulf to customers worldwide.

The latest threat to the ceasefire in the war came after U.S. Central Command said Kuwait had intercepted missiles launched by Iran late Wednesday night. That followed earlier “defensive” strikes by the U.S. military on missile launch sites and minelaying boats in southern Iran.

In the bond market, Treasury yields eased after a report said the measure of inflation that the Federal Reserve likes to use accelerated last month but was roughly within economists’ expectations.

Source: WPLG