NEW YORK — Netflix, Oracle and other big technology stocks lifted Wall Street Wednesday as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence.
The S&P 500 rose 0.6% and came close to its all-time closing high set early last month. The Dow Jones Industrial Average added 130 points, or 0.3%, and the Nasdaq composite climbed 1.3%.
The gains came even though most U.S. stocks fell under the weight of another crank higher for Treasury yields in the bond market. The smaller stocks in the Russell 2000 index lost 0.6%, for example, and roughly two out of every three stocks in the S&P 500 sank. Gains for big, influential stocks were more than enough to make up for it.
Netflix helped lead the way after it said live events like football games and a Mike Tyson-Jake Paul fight helped it add nearly 19 million subscribers during the latest quarter. It 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. Such results support their stock prices and counteract the downward push they've felt from rising Treasury yields, which can peel investors away from stocks.
The rise in yields, caused in part by worries about stubborn inflation and the U.S. government's swelling debt, had knocked down stocks and halted the record-breaking run that had carried them through 2024, at least briefly.
Travelers climbed 3.2% after also topping analysts' expectations for profit in the latest quarter. The insurer said gains for its investments and growth in net written premiums helped it overcome losses created by Hurricane Milton, which plowed into Florida's Gulf coast in October, and other catastrophes.
Procter & Gamble rose 1.9% after the company behind Charmin, Crest and Pampers reported stronger profit and revenue for the latest quarter than expected. It also said it's sticking with its financial forecasts for the full fiscal year, even though rising commodity costs and the stronger value of the U.S. dollar against other currencies are hurting its results.
