Wall Street gains ground after SpaceX helps lift AI stocks

NEW YORK (AP) — The U.S. stock market is gaining ground Wednesday as strong profit reports from SpaceX, Capital One Financial and other big companies offset updates from Netflix and AT&T that investors found disappointing.The S&P 500 rose 0.7% and was on track for a third straight gain. The Dow Jones Industrial Average was up 286 points, or 0.6%, as of 2:01 p.m. Eastern time, and the Nasdaq composite was 1.2% higher.SpaceX helped lead the market and climbed 6.9% after reporting a stronger profit for the summer than analysts expected. Elon Musk, who runs the company that makes money from artificial-intelligence technology, rockets and other businesses, also said that SpaceX took a step to consider a possible merger with Tesla, his electric-vehicle company.Tesla, which will report its latest quarterly results late Wednesday, rose 3.6% and was one of the strongest forces lifting the S&P 500.Other stocks rallying on profit reports that topped analysts’ expectations included Capital One Fin