04:51 PM EDT, 10/16/2024 (MT Newswires) -- US benchmark equity indexes closed higher Wednesday, with the Dow Jones Industrial Average notching a new record, as markets evaluated the latest corporate earnings.

The Dow rose 0.8% to 43,077.7, while the S&P 500 added 0.5% to 5,842.5. The Nasdaq Composite advanced 0.3% to 18,367.1. Utilities paced the gainers among sectors. Only communication services and consumer staples closed lower.

In company news, United Airlines (UAL) shares jumped 12%, the top gainer on the S&P 500. Late Tuesday, the carrier logged third-quarter results that surpassed Wall Street's estimates as demand for air travel remained strong.

Morgan Stanley ( MS ) was the third-best performer on the S&P 500, up 6.5%. The lender posted stronger-than-expected third-quarter results Wednesday amid higher asset levels and investment banking gains that reflected increased deal activity and initial public offerings.

Cisco Systems ( CSCO ) shares rose 4.3%, the top Dow performer, as Citigroup upgraded the stock to buy from neutral and adjusted its price target to $62 from $52.

ASML ( ASML ) shares dropped 6.4%, the worst performer on the Nasdaq, following a 16% slump in the previous session. On Tuesday, the Dutch chip equipment maker lowered the upper end of its fiscal 2025 sales outlook range.

"While we continue to view (artificial intelligence) as a key driver of the industry recovery with potential upside, we see other segments recovering more slowly than anticipated," Chief Executive Christophe Fouquet said on an earnings conference call Wednesday, according to a Capital IQ transcript. The company sees the recovery extending "well into" next year, Fouquet added.

The US 10-year yield fell two basis points to 4.02%, while the two-year rate lost 1.4 basis points to 3.94%.

West Texas Intermediate crude oil ticked 0.1% higher to $70.62 a barrel.

Oil prices steadied, backed by cuts from the Organization of the Petroleum Exporting Countries and its allies, as well as uncertainty over the geopolitical situation in the Middle East, D.A. Davidson said in a note to clients. "An outlook for ample supply next year added downward pressure" on prices, the firm said.

Separately, the International Energy Agency said the momentum in clean energy sources amid growing electricity demand is "strong enough" to bring a peak in demand for oil and other fossil fuels by the end of the decade.

In economic news, mortgage applications in the US continued their downward trend for the third straight week as rates across all loan types increased, the Mortgage Bankers Association said.

Gold and silver rose 0.4% each to $2,689.8 per troy ounce and $31.89 per ounce, respectively.