US equity indexes rose as basic materials and technology topped sector charts after China signaled more stimulus is in the pipeline and Micron Technology's (MU) fiscal Q4 results boosted the so-called artificial intelligence trade.

The S&P 500 rose 0.3% to 5,742.1, after scaling an intraday record high of 5,767.37. The Dow Jones Industrial Average climbed 0.6% to 42,183.3 and the Nasdaq Composite advanced 0.6% to 18,192.7. Most sectors traded higher while energy and real estate led the decliners.

In Beijing, the nation's Politburo vowed the "necessary fiscal spending" required to reach its annual 5% gross domestic product growth target and support property markets close on the heels of monetary-easing moves by the People's Bank of China. The Hang Seng Mainland Property Index soared almost 17% in Hong Kong. Copper traded 2.8% higher. China, the second-biggest economy in the world, is one of the biggest trading partners for the US.

Alcoa (AA), an aluminum producer, Southern Copper (SCCO), and Albemarle (ALB), a specialty chemicals group, were among the top gainers in basic materials, with intraday gains of at least 8%.

In company news, Micron Technology (MU) late Wednesday swung to a bigger-than-expected profit for the fiscal Q4 as mounting demand for artificial intelligence propelled the memory and storage product maker's revenue above Wall Street's estimates. Shares of the chipmaker soared 13% intraday, the top performer on the S&P 500 and Nasdaq.

In economic news, US initial jobless claims fell to 218,000 in the week ended Sept. 21 from an upwardly revised 222,000 in the prior week, compared with expectations for an increase to 223,000 in a survey of analysts compiled by Bloomberg. The four-week moving average decreased by 3,500 to 224,750.

Most US Treasury yields rose, turning the corner from earlier in the session, with the 10-year yield up 2.5 basis points to 3.8%. The two-year rate traded 5.5 basis points higher at 3.61%.

West Texas Intermediate crude oil slumped 2.1% to $68.25 a barrel.