Stocks climbed on Wednesday, with the S&P 500 hitting all-time highs again, as technology shares such as Oracle and Nvidia rallied on artificial intelligence optimism and President Donald Trump's new term in office.

The S&P 500 advanced 0.6% after hitting an intraday record of 6,100.81, exceeding the last milestone touched in December before the market pullback. The broad index closed at 6,086.37, slightly below its all-time closing high.

The Nasdaq Composite popped 1.3% to 20,009.34, underscoring the outperformance of tech names. The Dow Jones Industrial Average rose 130.92 points, or 0.3%, to 44,156.73, boosted by Procter & Gamble's gain of nearly 3% on the back of strong earnings.

Stocks surged on strong earnings reports, with Netflix jumping more than 9% after the company surpassed 300 million paid memberships. It's fourth-quarter earnings and revenue also topped analyst expectations. The streamer's results got a boost from hit series "Squid Game" and live sporting events such as the Jake Paul and Mike Tyson boxing match.

Oracle shares jumped more than 6% and Nvidia climbed more than 4% as investors continued to pile into the AI trade following an announcement from the new White House. President Donald Trump announced a joint venture dubbed "Stargate" on Tuesday, with OpenAI, Oracle and Softbank to invest "$500 billion, at least" in AI infrastructure within the United States.

"The combination of a resilient economy, easing inflation, stabilization in interest rates, an earnings season off to a strong start, and less day-one focus on tariffs by President Trump has provided a solid backdrop for the market," said Keith Lerner, Truist's co-chief investment officer. "Tech is reasserting its leadership on the back of the Stargate project, which highlights the secular tailwinds and transformative potential of AI."

 "Today is yet another reminder that the dominant theme of this bull market is artificial intelligence and technology," Lerner added.

The S&P's move to all-time highs completes a comeback for investors from a late 2024 pullback. Despite the broad market index ending last year with a 23% gain, the benchmark shed 2.5% in December, as traders grew fearful that the Federal Reserve wouldn't be able to cut rates as much as anticipated.

That lackluster performance bled into the first few trading sessions of 2025, but some data sets indicating some easing on the inflation front have helped the market recover.

Also driving this move to record levels is optimism around Trump's agenda, especially after he took office this week. Investors expect Trump to ease regulation and lower corporate taxes, which could lift profits.

Year to date, the S&P 500 is up 3.5%. The Dow and Nasdaq have also gained more than 3% each.