US Stocks Higher, Dollar Stabilizes    01/28 09:33

   The U.S. stock market is ticking further into record heights on Wednesday, 
while the U.S. dollar's value stabilizes against other currencies after falling 
to its lowest level in nearly four years.

   NEW YORK (AP) -- The U.S. stock market is ticking further into record 
heights on Wednesday, while the U.S. dollar's value stabilizes against other 
currencies after falling to its lowest level in nearly four years.

   The S&P 500 rose 0.3%, coming off its latest all-time high. The Dow Jones 
Industrial Average was up 114 points, or 0.2%, as of 9:35 a.m. Eastern time, 
and the Nasdaq composite was 0.5% higher.

   Some Big Tech companies and other influential stocks on Wall Street helped 
lead the way following an encouraging report from ASML. The Dutch company, 
whose machinery helps make chips, gave a forecast for 2026 revenue that topped 
analysts' expectations.

   ASML's customers have been notably more encouraged about the medium term, 
CEO Christophe Fouquet said, mostly because of expectations for "the 
sustainability" of demand related to the artificial-intelligence boom. That 
helped allay some concerns that the AI frenzy has gone overboard and created a 
potential bubble that may burst.

   Nvidia, the stock that's become the poster child of the AI boom, climbed 
1.2% and was the strongest single force lifting the S&P 500. ASML's stock that 
trades in the United State was close to flat.

   Stocks elsewhere in the market were mixed following the latest flurry of 
profit reports.

   Starbucks jumped 4.9% after its revenue for the latest quarter topped 
analysts' expectations, thanks in part to a viral bear cup. That was even 
though its profit for the end of 2025 fell short of analysts' targets.

   But Amphenol's stock tumbled 14.9% even though the maker of fiber-optic 
connectors and other high-tech equipment reported stronger growth in profit and 
revenue for the end of 2025 than analysts had forecast. Expectations were high 
for the company after its stock came into the day with an already big surge of 
23% for the young year so far.

   Companies across the market are under heavy pressure to deliver solid growth 
in profits following the record-setting runs for their stock prices. Stock 
prices tend to follow the path of corporate profits over the long term, and 
earnings need to rise to quiet criticism that stock prices have grown too 
expensive.

   In the foreign-currency market, the U.S. dollar found some stability and was 
up by roughly a third of a percent against the British pound and Japanese yen. 
A day earlier, an index measuring the U.S. dollar's value against several of 
its peers dropped to its weakest level since early 2022.

   The dollar's value has been generally falling since President Donald Trump 
entered the White House last year, and its descent accelerated after Trump 
threatened tariffs earlier this month against several European countries that 
he said opposed his taking control of Greenland.

   Such threats, along with worries about risks like the U.S. government's 
heavy debt, have periodically pushed global investors to step away from U.S. 
markets, a move that's come to be called "Sell America."

   In the bond market, Treasury yields held relatively steady ahead of an 
announcement coming in the afternoon from the Federal Reserve on interest 
rates. The widespread expectation is that it will hold its main interest rate 
steady.

   The Fed cut rates several times last year in hopes of shoring up the job 
market, but inflation remains stubbornly above its 2% target, and lower 
interest rates could push prices higher for U.S. consumers while giving the 
economy a boost.

   Lower interest rates could also further undercut the U.S. dollar's value, 
which would help U.S. exporters. Trump has been pushing aggressively for lower 
rates.

   The yield on the 10-year Treasury held at 4.24%, where it was late Tuesday.

   As global investors have stepped away from the U.S. dollar due to political 
instability and other worries, prices have surged for gold and other metals as 
investors searched for something safer to own. Gold's price topped $5,000 per 
ounce this week for the first time, and it added another 3.5% to $5,258.50.

   In stock markets abroad, indexes sank in Europe following better 
performances in Asia.

   South Korea's Kospi rose 1.7% to another record, thanks in part to a 5.1% 
leap for chip company SK Hynix, while Hong Kong's Hang Seng rallied 2.6%.