The S&P 500 rose Wednesday and edged closer to the 5,000 level, notching a closing high as investors parsed through another slate of quarterly results that signaled a flourishing economy.
The Dow Jones Industrial Average climbed 156 points to greet the closing bell Wednesday at 38,677.36.
The S&P 500 index jumped 40.83 points to 4,995.06.
The NASDAQ index popped 147.65 points, or 1%, to 15,756.65.
Stocks rallied as investors weighed a fresh batch of strong corporate profits and major technology behemoths continued their march higher. Nvidia and Microsoft climbed about 2% to trade near fresh highs, while Meta Platforms surged 2.9%. Alphabet and Amazon rose 0.9% each.
Enphase Energy popped 16% after the solar company said its inventory glut may be nearing a bottom, boosting other solar stocks in sympathy. Ford gained 5% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected guidance, while Chipotle Mexican Grill climbed 9% on strong earnings and traffic.
A strong earnings season, coupled with expectations for an interest rate cut by the Federal Reserve, has been a source of strength on Wall Street. Much of the earnings upside’s been driven by megacap technology and artificial intelligence-focused names, a phenomenon that’s also contributed to narrow market breadth.
Results also expected from Walt Disney, PayPal and Arm Holdings after the bell.
Prices for the 10-year Treasury settled, raising yields 4.12% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices climbed 78 cents to $74.09 U.S. a barrel.
Gold prices retreated 30 cents to $2,051.10.
