U.S. stocks advance as S&P 500 extends all-time peak

U.S. stocks were mostly higher on Wednesday as the outlook of lower rates by the Federal Reserve continued to support earnings prospects for the year. The S&P 500 was slightly higher to extend its all-time peak, while the Nasdaq 100 inched up and the Dow was closer to the flatline. ADP data reflected a slight rebound in private sector employment in December, as expected, consistent with the view of a slow hiring and slow firing labor market that maintains bets of multiple rate cuts by the Fed. Semiconductor and computer storage companies held their surges from the previous session, with Micron and Texas Instruments more than 6% higher this week. Valero, Marathon Petroleum, and Philips 66 futures also jumped after President Trump said the U.S. already secured initial oil exports from Venezuela, benefiting refineries that can process heavy, sour crude in the Gulf Coast.