U.S. stocks rose Wednesday, with the S&P 500 and Dow Jones Industrial Average stopping just short of fresh record highs.

The $S&P 500 index(.SPX.US)$ added 0.4%, a sixth straight session of gains, as of 4 p.m. ET, and the $Dow Jones Industrial Average(.DJI.US)$ picked up 0.4%, or 152 points, to 35609. Both were just below records. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$, however, slipped less than 0.1%.

Investors are parsing corporate results for fresh insight into the effects of inflation and supply-chain disruptions. The shares of $Verizon(VZ.US)$ climbed 2.4% after the telecommunications giant raised its full-year outlook. $Biogen Inc(BIIB.US)$ fell 0.2% after the pharmaceutical company increased its full-year sales and earnings guidance.

Stocks have gained in recent days on strong earnings reports. Problems like labor shortages and higher prices for raw materials haven't eaten much into profits.

That's giving investors reason to look past supply-chain issues and seize on the strength of these corporations, said Carol Schleif, the deputy chief investment officer for BMO Family Office. What the numbers show, she said, is the resiliency of companies despite the unprecedented demands of the past year and a half. "It's not something we step back and celebrate very often," she said.

For tech companies, in particular, investors will be watching for an update on the global chip shortage and the ability of large firms to raise prices on consumers, said Kiran Ganesh, a multi asset strategist at UBS Global Wealth Management.

"Earnings are very good so far across a pretty broad range" of companies, Mr. Ganesh said. Investors are looking for signs of margin pressure and worries about input costs but "we haven't really seen too much concern" so far, he added.

$Netflix(NFLX.US)$ shares slipped 2.3%. The company said it added more new users than expected in the last quarter, but its co-chief executive also apologized for defending a controversial comedy special by Dave Chappelle.

$Novavax(NVAX.US)$ fell 17% after a report that the pharmaceutical company was running into difficulties manufacturing a Covid-19 vaccine that met regulators' quality standards.

The yield on the benchmark 10-year Treasury note rose to as high as 1.673%, matching a level last seen in May. In the afternoon, it was at 1.640%, up from 1.634% Tuesday. Yields rise when bond prices fall.

Higher bond yields make stocks less attractive, especially at their current rich valuations, Mr. Ganesh said. "It undermines the 'no alternatives' argument for stocks if bonds start to yield something meaningful."

"We're not near that point yet, but if we incrementally move up, investors will start to grow a little more concerned," he added.

Oil prices in the afternoon reversed a morning selloff, and U.S. crude oil rose 0.5% to $82.84. Many traders are betting on energy supply shortages, which is pushing oil prices to multi-year highs.

Overseas, the pan-continental Stoxx Europe 600 advanced 0.3%. Nestlé shares climbed 2.7% after the Swiss food giant upgraded its full-year sales outlook. Credit Suisse declined 1.7% after the bank admitted to defrauding investors about a Mozambican deal. Also Tuesday, Switzerland's financial regulator said the bank's efforts to spy on executives were broader than previously known and broke supervisory law.

In Asia, major benchmarks were mixed. The Shanghai Composite Index edged down 0.2% to 3587.00, while Hong Kong's Hang Seng Index rose 1.4% to 26136.02.