Markets Return to Records, Fueled by Tech: Live Updates

Wall Street climbed to a record on Wednesday, lifted by shares of technology companies and adding to a rally that fueled by expectations for large-scale economic stimulus from the incoming Biden administration.

The S&P 500 rose 1.4 percent, the Dow Jones industrial average gained 0.8 percent, and the tech-heavy Nasdaq composite rose 2 percent. All three ended the day in record territory.

Netflix was the best performer in the S&P 500, climbing nearly 17 percent after the streaming service said on Tuesday that it had more than 200 million customers and no longer needed to borrow money for its day-to-day operations. Its stronger financial footing also raised the prospect that the company could potentially start repurchasing shares this year, helping to supercharge the stock.

“Share buybacks were not something we expected to see in 2021, but we view them favorably,” analysts from J.P. Morgan wrote in a note on the results.

Shares of other high-profile technology companies also enjoyed strong gains on Wednesday. Microsoft, Apple, Tesla and Facebook will report quarterly financial results next week. These large companies exert a pronounced influence over market indexes such as the S&P 500, which is weighted according to market capitalization.

Google’s parent, Alphabet, rose roughly 5.5 percent. Amazon rose more than 4.5 percent. Microsoft rose 4 percent.

Consumer discretionary stocks were the best performing segment of the market, led by strong gains from homebuilders Pulte, Lennar and D.R. Horton. All were up more than 5 percent after a reading from the National Association of Homebuilders showing that homebuilder sentiment remains buoyant.

President Biden is expected to sign a number of executive orders on Wednesday, including ones to extend moratoriums on evictions and foreclosures and to continue a pause on federal student loan interest and principal payments.

On Tuesday, Janet Yellen, Mr. Biden’s nominee for Treasury secretary, reiterated the new administration’s plans for a large fiscal stimulus package during her confirmation hearing in the Senate. The plans received some criticism from Republican lawmakers over concerns about increasing the federal budget deficit, a possible sign of legislative battles to come.

United Airlines lost $1.9 billion in the fourth quarter, bringing its total losses for 2020 to just over $7 billion, its worst year since merging with Continental Airlines a decade ago. Despite that terrible loss, the airline said it expects 2021 to be a “transition year” as it prepares for a recovery from the coronavirus pandemic.

“The truth is that Covid-19 has changed United Airlines forever,” the company’s chief executive, Scott Kirby, said in a statement. “The passion, teamwork and perseverance that the United team…