American Eagle Jumps 15.1%

The US stock market rose near record levels on Wednesday.

• The S&P 500 rose 20.35 points, or 0.3%, to 6,849.72 and pulled within 0.1% of its all-time high set in late October.
• The Dow Jones Industrial Average rose 408.44 points, or 0.9%, to 47,882.90.
• The Nasdaq composite rose 40.42 points, or 0.2%, to 23,454.09.

Stocks got help from easing Treasury yields in the bond market following some mixed reports on the US economy, the AP reports. One suggested hiring was much weaker in November than economists expected, while a second said growth for US services businesses was better than expected. They kept alive hopes that the Federal Reserve will cut interest rates next week.

The biggest jump in the S&P 500 came from Micochip Technology, which leaped 12.2% after saying it expects sales and profit for the final months of the year to come in at the high end of the forecasted ranges it earlier gave. CEO Steve Sanghi said business is doing better than expected, and it's reducing inventory levels. Marvell Technology was another winner and rose 7.9% after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited strong demand for its data center products, while also announcing a $3.25 billion purchase of Celestial AI to bolster its artificial-intelligence infrastructure business.

American Eagle Outfitters rallied 15.1% after the retailer reported a better profit than expected. Its CEO, Jay Schottenstein, said it also saw a strong start to the holiday shopping season with an acceleration in demand across its brands during the Thanksgiving weekend. Macy's fell 1.1% after flipping between losses and gains earlier. It reported a profit for the latest quarter that was much better than the loss that analysts were expecting, but its stock had already come into the day with a gain for the year so far that was more than double the S&P 500's.

Capricor Therapeutics surged 371.1% after the biotech company reported encouraging results for its potential therapy for people with Duchenne muscular dystrophy. On the losing side, Microsoft slipped 2.5% and was the heaviest weight on the S&P 500. Nvidia fell 1%.