New York:US stocks closed higher Wednesday, driven by significant gains in SpaceX and Tesla, which lifted technology shares. Investors were also evaluating corporate earnings and examining prospects for artificial intelligence spending.

According to Anadolu Agency – English, the Dow Jones industrial average increased by 360.21 points, or 0.69%, reaching 52,856.09. The S&P 500 rose by 0.58% to 7,757.17, marking its third consecutive session of gains, while the Nasdaq composite climbed 1.05% to 26,702.86.

SpaceX shares experienced a 7.8% surge following a reported 161% year-on-year increase in third-quarter revenue, attributed to the growth of its artificial intelligence business and an increase in Starlink subscribers. Elon Musk announced that SpaceX and Tesla established special committees to discuss a potential merger, with Tesla shares increasing by more than 3.4%.

SpaceX's significant growth in its AI sector reinvigorated investor interest in semiconductor stocks, despite ongoing concerns regarding the scale of AI infrastructure spending and reliance on debt financing. Advanced Micro Devices rose by more than 3.3%, Nvidia gained over 2.5%, and both Micron Technology and Marvell Technology saw nearly 2% increases.

Conversely, Netflix's shares fell by over 5% after its full-year revenue outlook did not meet analysts' expectations, and the company reduced its annual advertising revenue guidance. Investors continued to monitor quarterly results from major companies such as Tesla, Meta Platforms, IBM, and Southwest Airlines.

In Europe, stock markets also ended higher on Wednesday, buoyed by strong corporate earnings, even amid persistent geopolitical uncertainties. The Stoxx Europe 600 index rose 0.92% to 644.49. Germany's DAX increased by 1.35% to 25,645.04, Italy's FTSE MIB advanced by 1.17% to 49,643.69, France's CAC 40 climbed by 1.06% to 7,921.68, and Britain's FTSE 100 added 0.19% to 10,752.88, despite ongoing concerns about protests in France.