MGM Resorts Leaps 17.5%

US stocks rallied to the brink of a record Thursday after more companies reported fatter profits than expected.

• The S&P 500 rose 63.10 points, or 1%, to 6,115.07.
• The Dow rose 342.87, or 0.8%, to 44,711.4.3
• The Nasdaq jumped 295.69 points, or 1.5%, to 19,945.64.

The S&P 500 got within less than 0.1% of its all-time high as Wall Street yawned at the latest announcement on tariffs by President Trump, which may not take full effect for months, the AP reports.

MGM Resorts International jumped to one of the market's biggest gains, 17.5%, after reporting stronger profit for the latest quarter than analysts expected. It cited growth in China and said trends are looking up for its Las Vegas and North American digital businesses. Other companies reporting better profit than expected included GE HealthCare Technologies, which rose 8.8%; Molson Coors Beverage, which gained 9.5%, and Robinhood Markets, which jumped 14.1%. Cisco Systems gained 2.1% after reporting stronger profit for the latest quarter than analysts expected.

On the losing side, Deere & Co. fell 2.2% after the farm equipment manufacturer reported a 30% decline in fourth-quarter sales and a 50% drop in profit. The company said it was focused on reducing inventory amid the "uncertain market conditions" its customers are facing. Reddit, the online message board, dropped 5.3% even as it handily outdistanced Wall Street's fourth quarter sales and profit targets.

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While economists warn about the pain tariffs can create, financial markets have increasingly taken the threats in stride. Belief is strong that Trump is using tough talk to drive negotiations but may not fully go through with it in order to avoid damaging the US stock market and economy. If the stock market keeps skating through each escalating threat without a hiccup, however, it could embolden Trump to make even bigger moves. But, for now at least, Trump may be "boxed in" a bit following the high inflation figures that have hit this week, out of caution of pushing inflation up further, according to Thierry Wizman, a strategist at Macquarie.

(More stock market stories.)