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Stocks climbed on Wednesday, with the S&P 500 hitting all-time high again, as technology shares such as Oracle and Nvidia rallied on artificial intelligence optimism and President Donald Trump’s new term in office.
The Dow Jones Industrials moved forward 130.86 points to end Wednesday at 44,156.67, boosted by Procter & Gamble’s gain of nearly 3% on the back of strong earnings.
The much broader index took on 37.09 points to 6,086.33, exceeding the last milestone touched in December before the market pullback. It also traded above its record closing high.
The NASDAQ Composite popped 252.56 points, or 1.3%, to 20,009.34.
Year to date, the S&P 500 is up 3.6%. The Dow and NASDAQ have also gained more than 3% each.
Stocks surged on strong earnings reports, with Netflix jumping 11% after the company surpassed 300 million paid memberships. It’s fourth-quarter earnings and revenue also topped analyst expectations. The streamer’s results got a boost from hit series “Squid Game” and live sporting events such as the Jake Paul and Mike Tyson boxing match.
Oracle shares jumped 7% and Nvidia climbed 4% as investors continued to pile into the AI trade following an announcement from the new White House. President Donald Trump announced a joint venture dubbed “Stargate” on Tuesday, with OpenAI, Oracle and Softbank to invest ?$500 billion, at least” in AI infrastructure within the United States.
Stocks were higher even after President Donald Trump said Tuesday he’s considering a 10% tariff on China beginning as soon as Feb. 1. That comes after he mulled levies on Canada and Mexico earlier in the week.
Prices for the 10-year Treasury slipped, raising yields to 4.60% from Tuesday’s 4.56%. Treasury prices and yields move in opposite directions.
Oil prices slid 37 cents to $75.40 U.S. a barrel.
Prices for gold gained $7.70 an ounce to $2,766.90 U.S.
