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The S&P 500 rose Wednesday and neared the 5,000 level as investors parsed through another slate of quarterly results and headed into the back half of the corporate earnings season.
The Dow Jones Industrial Average climbed 102.92 points to 38,624.28.
The S&P 500 index jumped 27.05 points to 4,981.28.
The NASDAQ index popped 100.61 points to 15,709.60.
Investors turned their attention to a fresh batch of quarterly results. Snap plunged more than 29% on a revenue miss and weak guidance, while automaker Ford gained nearly 4% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected full-year guidance.
Enphase Energy popped nearly 16% after the solar company said its inventory glut may be approaching a bottom. The broader solar sector rose in sympathy, with Solaredge Technologies surging 7%.
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 are also expected from Walt Disney, PayPal and Arm Holdings after the bell.
Prices for the 10-year Treasury settled, raising yields 4.10% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices fell 29 cents to $73.60 U.S. a barrel.
Gold prices took on $5.50 to $2,056.90.
