NEW YORK (AP) 鈥� U.S. stocks climbed after market superstar Nvidia and another round of companies said they鈥檙e making even fatter profits than expected. The S&P 500 pulled 0.5% higher Thursday after flipping between modest gains and losses several times in the morning. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite edged up less than 0.1%. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. Treasury yields edged higher in the bond market.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� U.S. stocks are climbing Thursday after market and another round of companies said they鈥檙e making even fatter profits than expected.
The S&P 500 was pulling 0.7% higher, as of 2:45 p.m. Eastern time, after flipping between modest gains and losses several times in the morning. Banks, smaller companies and other areas of the stock market that tend do best when the economy is strong helped lead the way, while briefly broke above $99,000. Crude oil, meanwhile, continued to rise.
The Dow Jones Industrial Average jumped 532 points, or 1.2%, and the Nasdaq composite gained 0.2%.
Nvidia's rise of 1.4% was the strongest force pushing the S&P 500 upward after for profit and revenue. It also gave a forecast for revenue in the current quarter that topped most analysts鈥� expectations thanks to voracious demand for its chips used in artificial-intelligence technology.
Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia's revenue forecast to surpass expectations by even more. But recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another 鈥渇lawless鈥� profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls 鈥渢he Godfather of AI.鈥�
How Nvidia鈥檚 stock performs has because it鈥檚 quickly grown into Wall Street鈥檚 most valuable company at roughly $3.6 trillion. Its meandering up and down through the day dragged the S&P 500 and other indexes back and forth.
The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.3% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected.
BJ鈥橲 Wholesale Club rose 9.1% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates.
A day earlier, after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed , which gave a much more encouraging outlook.
Nearly 90% of the stocks in the S&P 500 were also rising, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.9%.
Google鈥檚 parent company, Alphabet, helped keep indexes in check. It fell 5.5% after U.S. regulators asked a judge to by forcing it to sell its industry-leading Chrome web browser.
In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company鈥檚 oversight committee continues to see evidence of misconduct.
Drops for other Big Tech stocks also weighed on the market, including a 2.4% slide for Amazon.
In stock markets abroad, shares of India鈥檚 Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani, 62, in a with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world鈥檚 richest people is accused of duping investors by concealing that his company鈥檚 huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.
Indexes elsewhere in Asia and Europe were mixed.
In the crypto market, bitcoin eclipsed $99,000 for the first time before easing back to roughly $98,250, according to CoinDesk. It鈥檚 more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country 鈥渢he of the planet鈥� and create a 鈥渟trategic reserve鈥� of bitcoin.
Bitcoin also got a boost after Gary Gensler, the chair of the Securities and Exchange Commission who has pushed for more protection for crypto investors, said he would .
Bitcoin and related investments, of course, have a notorious history of big price swings in both directions. MicroStrategy, a company that's been raising cash expressly to buy bitcoin, saw an early gain of 14.6% for its stock on Thursday quickly disappear. It was most recently down 10.7%.
In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid war.
In the bond market, Treasury yields edged higher following some mixed reports on the U.S. economy. The yield on the 10-year Treasury rose to 4.43% from 4.41% late Wednesday.
One report said last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, than expected.
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AP Business Writers Matt Ott and Yuri Kageyama contributed.
Stan Choe, The Associated Press
