Wall Street ends higher, breaking a 3-day losing streak

NEW YORK (AP) — Stocks closed higher on Wall Street Wednesday as investors reviewed the latest round of corporate earnings and an upbeat report from Delta Air Lines that bodes well for the travel industry. The S&P 500 rose 1.1%, the Dow Jones Industrial Average rose 1% and the Nasdaq rose 2%. Travel-related companies had some of the biggest gains. The S&P 500 is coming off three straight losses brought on by persistent worries about inflation and how the Federal Reserve will respond to it. The government reported that surging energy costs pushed wholesale prices up a record 11.2% last month from a year earlier.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — Stocks rose in afternoon trading on Wall Street Wednesday as investors reviewed the latest round of corporate earnings and an upbeat report from Delta Air Lines that bodes well for the broader travel industry.

The S&P 500 rose 1% as of 3 p.m. Eastern. The Dow Jones Industrial Average rose 281 points, or 0.8%, to 34,499 and the Nasdaq rose 1.9%.

Travel-related companies were among the biggest gainers after Delta reported strong revenue during its first quarter and solid bookings. The update is encouraging for the broader travel sector as airlines, cruise lines and hotels prepare for the summer vacation season.

Delta rose 6.3% and rival American Airlines jumped 9.8%. Southwest and United Airlines rose more than 5%. Cruise line operators Carnival and Royal Caribbean also had solid gains, along with Expedia Group.

Technology stocks also did much of the heavy lifting for the broader market. Pricey valuations for many of the bigger technology companies lend more weight to directing the broader market higher or lower.

Banks slipped following a disappointing earnings report...