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Oracle up after Trump unveils $500 bln AI plan

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Procter & Gamble ( PG ) gains after upbeat Q2 results

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Indexes up: Dow 0.29%, S&P 500 0.84%, Nasdaq 1.50%

(Updates with mid-session trading)

By Johann M Cherian and Sukriti Gupta

Jan 22 (Reuters) -

Wall Street's main indexes rose on Wednesday, with the

benchmark S&P 500 hitting an all-time high, as investors cheered

streaming giant Netflix's ( NFLX ) strong quarterly performance and

President Donald Trump's multi-billion dollar support to bolster

AI infrastructure.

Data pointing to a strong economy amid cooling inflation

and Trump's moderate approach to tariffs have helped risk-taking

since last week, with the S&P 500 and the Dow at their highest

in over a month.

On the day, Netflix ( NFLX ) jumped 10.9%, sending the

S&P 500 communication services sector up 2%. The

company reported a record number of subscribers for the holiday

quarter, enabling it to increase prices for most service plans.

"The name of the game with Netflix ( NFLX ) is live sports

because live sports reduces churn. And they (Netflix ( NFLX )) were able

to raise prices, which shows their continued mode is getting

stronger," said Thomas Hayes, chairman at Great Hill Capital.

At 11:59 a.m. ET, the Dow Jones Industrial Average

rose 125.29 points, or 0.29%, to 44,152.24, the S&P 500

gained 50.60 points, or 0.84%, to 6,099.86 and the Nasdaq

Composite gained 298.07 points, or 1.50%, to 20,054.85.

Meanwhile, Oracle gained 6.5%, a day after Trump

said the company would invest $500 billion in AI infrastructure

with OpenAI and SoftBank, even though there was no

clarity on funding.

"It (AI infrastructure plan) is going to be funded by

private business and private investors ... in the case of

SoftBank, they don't have $500 billion but they have access to

some money and could probably raise more as they get the first

few projects out and show early successes," said Hayes.

Server makers Dell and Super Micro added

2.5% and 4.9%, respectively, while AI winners Microsoft ( MSFT )

added 3.5% and Nvidia ( NVDA ) rose 3.9%.

Three of the 11 S&P 500 sectors rose, with technology stocks

leading with a 2.3% jump and an index tracking chip

stocks surged 2.6%.

Investors also are awaiting clarity on Trump's trade

policies after he warned that tariffs on imports from China,

Mexico, Canada and the European Union could be issued on Feb. 1,

a reminder for markets that risks of a potential trade war and

fresh inflation pressures prevailed.

The president has ordered federal agencies to complete

comprehensive reviews of a range of trade issues by April 1 -

the date that analysts at Barclays say markets should wait for

to get more clarity on his tariff policy.

Traders expect the Federal Reserve to leave interest rates

unchanged when it meets next week and expect it to deliver its

first rate cut this year in July, according to data compiled by

LSEG.

Procter & Gamble ( PG ) advanced 2.8% after beating

second-quarter estimates, driven by growing demand for its

household items in the United States.

Johnson & Johnson ( JNJ ) fell 3%. The drugmaker reported

fourth-quarter results above estimates.

Ford lost 3.5% as Barclays downgraded the stock,

while Textron ( TXT ) fell 4.5% after it

forecast 2025 profit

below estimates.

Halliburton ( HAL ) slipped 1.6% after warning of softer

activity in North America this year and posting

downbeat quarterly revenue

.

Declining issues outnumbered advancers by a 1.35-to-1

ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq.

The S&P 500 posted 37 new 52-week highs and four new

lows, while the Nasdaq Composite recorded 89 new highs and 68

new lows.