NEW YORK (AP) — The U.S. stock market is drifting near its record levels on Wednesday following reactions to profit reports from Macy’s, Marvell Technologies and other companies.

The S&P 500 rose 0.4% and pulled within 0.5% of its all-time high set in late October. The Dow Jones Industrial Average was up 428 points, or 0.9%, as of 1:55 p.m. Eastern time, and the Nasdaq composite rose 0.2%.

Marvell rose 5.7% 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 was another winner and rallied 14% after the

See Full Page