SpaceX surges after first profit as US stocks rise

SpaceX rose 8.36 percent in early trading Wednesday after posting a first quarterly profit of $4.4 billion, while major Wall Street indexes opened higher.

In early trading, the Dow Jones Industrial Average gained 0.34 percent, the Nasdaq Composite advanced 0.67 percent and the S&P 500 added 0.31 percent.

Adam Sarhan of 50 Park Investments told AFP that easing bond yields and expectations of slowing inflation were helping relieve pressure on the market. He said cheaper agricultural commodities and lower gasoline prices had reduced fears that the Federal Reserve would raise rates and hurt the economy and stock market.

SpaceX traded at $160.15 in early trading, still below the highs of around $225 it reached in June.