S&P 500 Approaches All-Time High

Netflix, Oracle, and other technology stocks lifted US indexes Wednesday as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence.

• The S&P 500 rose 37.13 points, or 0.6%, to 6,086.37 and closed just shy of the record it set in early December.
• The Dow Jones Industrial Average rose 130.92 points, or 0.3%, to 44,156.73.
• The Nasdaq composite rose 252.56 points, or 1.3%, to 20,009.34.

The gains came even though the majority of US stocks fell under the weight of another crank higher for Treasury yields in the bond market, the AP reports. Netflix helped lead the way after it said live events like football games and the Mike Tyson-Jake Paul fight helped it add nearly 19 million subscribers during the latest quarter.

Netflix also reported stronger profit than analysts expected and said it's raising subscription prices in the United States and other countries. Netflix jumped 9.7%. The streaming giant joined a lengthening list of companies that have topped analysts' profit expectations for the end of 2024. Procter & Gamble rose 1.9% after the company behind Charmin, Crest and Pampers reported stronger profit and revenue for the latest quarter than expected. Travelers climbed 3.2% after likewise topping analysts' expectations for profit. The insurer said gains for its investments and growth in net written premiums helped it overcome losses created by Hurricane Milton.

Some of the market's most forceful pushes upward came from AI-related companies. Oracle added 6.8% to its 7.2% rise the day before, ahead of the expected announcement that came late Tuesday about Stargate, a joint venture the White House said will start building out data centers and the electricity generation needed for the further development of AI in Texas. Other AI-related stocks also climbed, furthering their already fantastic run. Nvidia, the company whose chips are powering much of the move into AI, rose 4.4%. Its stock is above $147 after sitting below $18 just two years ago. (More stock market stories.)