Dow clinches fourth straight day of gains as Disney shares surge

Dow clinches fourth straight day of gains as Disney shares surge
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The Dow Jones Industrial Average closed with gains Wednesday for the fourth consecutive day as surging shares of Disney guided the index to a gain of roughly 373 points.

The Dow finished Wednesday up 1.4 percent shortly after the market opened Wednesday, largely powered by a 10 percent increase in Disney’s stock price. 

The entertainment conglomerate reported a surprising increase in revenue per share despite an 85 percent plunge in revenue from theme parks. Disney also announced it had reached 100 million subscribers for its Disney+ streaming service.

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The Nasdaq composite also rose by 0.5 percent, and the S&P 500 index rose roughly 0.6 percent.

The Dow winning-streak comes as companies report second-quarter earnings and lawmakers struggle to find consensus on another coronavirus economic rescue bill.

Trump administration and congressional leaders have failed for weeks to find a way to extend enhanced unemployment benefits and a federal eviction ban, furnish another round of stimulus checks, and provide funding to state and local government to handle the COVID-19 response.

The early recovery from the depth of the coronavirus recession has also shown signs of faltering in June and July as confirmed cases of COVID-19 rose throughout the U.S. U.S. private-sector businesses added 167,000 workers to payrolls in July following a 2.4 million increase in June, according to the ADP National Employment Report released Wednesday.

Updated at 4:55 p.m.