New York – Big technology stocks like Netflix and Oracle boosted Wall Street on Wednesday as their profits continued to rise amid growing excitement over artificial intelligence. The S&P 500 surged 0.6%, nearing its all-time closing high set in the previous month. The Dow Jones Industrial Average also climbed 0.3%, while the Nasdaq composite saw a 1.3% increase.

Despite the bond market’s surge in Treasury yields, most U.S. stocks experienced a downturn, with smaller stocks in the Russell 2000 index dropping by 0.6%. However, the market was upheld by the gains in prominent, high-performing stocks. Netflix saw significant growth during the latest quarter, with a substantial increase in subscribers and stronger profits than expected. This led to a 9.7% rise in Netflix’s stock.

Various companies, including Travelers and Procter & Gamble, exceeded analysts’ profit expectations for the fourth quarter of 2024. Additionally, Oracle experienced a boost in its stock price following the announcement of the Stargate joint venture aimed at further developing artificial intelligence infrastructure in Texas.

The rise in Treasury yields, driven by concerns over inflation and mounting U.S. debt, had previously impacted stock prices. However, companies like Nvidia, at the forefront of AI technology development, managed to offset these challenges by continuing their upward trajectory in the market.

Overall, the S&P 500 closed at 6,086.37, the Dow Jones Industrial Average at 44,156.73, and the Nasdaq composite at 20,009.34. In the global stock markets, indexes in Europe and Asia displayed mixed trends. In the bond market, the 10-year Treasury yield increased to 4.60% from 4.57% the previous day, indicating persistent investor demand for long-term bonds amidst economic uncertainties.

As companies strive to sustain solid profit growth and adapt to the impact of high interest rates, experts predict a need for resilient strategies in the market. In the cryptocurrency arena, bitcoin prices remained stable, with ongoing discussions surrounding potential regulatory shifts under the new administration.