Wall Street’s rally kept rolling Thursday as better-than-expected profits for U.S. companies piled up, though CEOs said they’re unsure whether it will last because of uncertainty created by President Donald Trump’s trade war.

The S&P 500 charged 2% higher and pulled within 11% of its record set earlier this year. The Dow Jones industrial average rose 486 points, or 1.2%, while the Nasdaq composite jumped 2.7%.

Tech stocks helped lead the way, including ServiceNow after the AI platform company delivered a stronger profit for the start of 2025 than analysts expected. The company saw its stock jump 15.5%.

Southwest Airlines likewise reported stronger results than expected for the first three months of the year. Southwest’s stock pulled higher in afternoon trading and finished up 3.7%.

Rival American Airlines, meanwhile, pulled its financial forecasts for the full year and said it plans to provide an update when “the economic outlook becomes clearer.” Its stock rose 3.1% after it also topped profit expectations for the latest quarter.

U.S. stocks rallied the prior two days on hopes that Trump was softening his approach on tariffs and his criticism of the Federal Reserve, which had earlier shaken markets.

Toy company Hasbro was a winner and jumped 14.6% after reporting better profit and revenue for the latest quarter than analysts expected.

Texas Instruments rallied 6.6% after the semiconductor company likewise reported a stronger profit than expected.

They helped offset a 3.7% drop for Procter & Gamble, which said it’s expecting a $200 million hit to its earnings this fiscal year because of higher costs for commodities.

At PepsiCo, CEO Ramon Laguarta said his company expects “more volatility and uncertainty” and that “consumer conditions in many markets remain subdued and similarly have an uncertain outlook.” His company’s stock fell 4.9%.

All told, the S&P 500 rose 108.91 points to 5,484.77. The Dow added 486.83 to 40,093.40, and the Nasdaq composite jumped 457.99 to 17,166.04.

The yield on the 10-year Treasury fell to 4.30% from 4.40% late Wednesday, in part on expectations that the Federal Reserve could cut interest rates later this year.

— From news services