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NEW YORK (AP) — U.S. stocks climbed after market superstar Nvidia and another round of companies said they’re 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’s earlier story follows below. NEW YORK (AP) — U.S. stocks are climbing Thursday after market superstar Nvidia and another round of companies said they’re 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 bitcoin 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 yet again beating analysts’ estimates for profit and revenue. It also gave a forecast for revenue in the current quarter that topped most analysts’ 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 its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” How Nvidia’s stock performs has tremendous impact because it’s quickly grown into Wall Street’s 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’S 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, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , 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’s parent company, Alphabet, helped keep indexes in check. It fell 5.5% after U.S. regulators asked a judge to break up the tech giant 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’s 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’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani, 62, in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of duping investors by concealing that his company’s 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’s 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 “the crypto capital of the planet” and create a “strategic reserve” 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 step down in January . 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 escalations in the Russia-Ukraine 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 fewer U.S. workers applied for unemployment benefits 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, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.ATLANTA — The Georgia Supreme Court has agreed to hear the appeal of a Gwinnett County man whom medical experts say was wrongly convicted of the shaken-baby murder of his son. The high court on Monday said it will review a Sept. 25 order signed by Superior Court Judge Ronnie Batchelor that denied Danyel Smith’s request for a new trial. Smith’s legal team said scientific advances have led to a major shift in how the medical community diagnoses abusive head trauma — or shaken baby — cases. Earlier this year, Smith’s medical experts testified that 2-month-old Chandler died from natural causes brought on by seizures and a premature birth. In a brief order, a unanimous Supreme Court said it wants to know if Batchelor applied “the appropriate legal framework for deciding extraordinary motions for new trial like Smith’s that are based on new expert analysis of existing physical evidence.” Batchelor’s order, which Smith’s lawyers say is replete with grammatical errors and “clearly erroneous factual determinations,” was written by Gwinnett prosecutors and signed by the judge. The Gwinnett DA’s office had asked the state Supreme Court not to hear Smith’s appeal, saying the case was correctly diagnosed and there is no evidence that “the scientific foundations for this conviction, under the specific facts of this case, have been undermined.” Smith took the stand at his 2003 trial and strongly denied shaking his son to death. Last year, he turned down an offer by Gwinnett prosecutors to plead guilty to the crime in exchange for a sentence of time-served. This will be the second time the state Supreme Court hears an appeal from Smith’s case. In 2022, Batchelor, signing another order prepared by the DA’s office, denied requests by Smith’s lawyers to hold a hearing on his new claims. This would include testimony from medical experts, including an eminent pediatric neurosurgeon, who would say they believe there were reasons other than violent shaking that caused Chandler’s death. But later that year, the state Supreme Court reversed that decision and ordered the hearing to be held. This past spring, Batchelor held the hearings, which included testimony from both defense and prosecution experts, and later denied the request for a new trial. In recent weeks, the Georgia Association of Criminal Defense Lawyers and four dozen forensic science experts, including Innocence Project co-founder Barry Scheck, asked the Supreme Court to hear the latest appeal. The brief filed by the forensic experts said medical and technological advancements show that “outdated and unreliable” evidence was used to secure Smith’s conviction. “We are grateful that the Supreme Court granted review,” said Southern Center for Human Rights attorney Mark Loudon-Brown, a member of Smith’s legal team. “After serving two decades in prison for a crime he didn’t commit, Mr. Smith declined an offer to plead guilty in exchange for his immediate freedom. We now look forward to presenting our case to Georgia’s high court.” Gwinnett DA Patsy Austin-Gatson did not respond to a request for comment.
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