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The S&P 500 rose Wednesday and edged closer to the 5,000 level for the first time as investors parsed through another slate of quarterly results and headed into the back half of the earnings season.
The Dow Jones Industrial Average climbed 167.24 points to 38,688.60.
The S&P 500 index jumped 37.87 points to 4,992.10.
The NASDAQ index popped 127.53 points to 15,736.53.
Investors turned their attention to a fresh batch of quarterly results. Snap plunged nearly 35% on a revenue miss and weak guidance, while automaker Ford gained 4.7% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected guidance.
Enphase Energy popped 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 11%.
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 4.12% from Tuesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices were raised 18 cents to $73.49 U.S. a barrel.
Gold prices took on $2.80 to $2,054.20.
