U.S. Stocks Gain Steam as S&P 500 Nears Record; Ralph Lauren Beats Estimates

U.S. stocks moved slightly higher Wednesday with the S&P 500 roughly two points away from a new record high. Investors remained glued to Disney's (DIS) - Get Report earnings, released after the markets closed on Tuesday. The company beat estimates on the top and bottom lines, but a one percent gain in Disney's cable revenue (reaching $4.2 billion for the quarter) sent shares lower. Disney's film studio revenue rose 40 percent to $2.85 billion. '[Investors] are really focusing on that one percent gain on the cable business revenues,' said Michael Ingram, a market analyst with BGC Partners, based in London. Meanwhile, Ralph Lauren (RL) - Get Report shares soared over four percent. The company reported adjusted earnings of $1.06 a share, beating estimates of $0.89 a share. Revenue of $1.55 billion topped forecasts of $1.53 billion. Tesla (TSLA) - Get Report shares were in focus after a driver of a Tesla Model S vehicle crashed while operating the car's autopilot mode. The driver was not hurt. TheStreet's Scott Gamm reports from Wall Street.