Stocks rose on Wednesday as investors looked to extend gains from the previous session as more corporate earnings rolled in. The Nasdaq Composite jumped over 1.5%, while the Dow Jones Industrial Average and S&P 500 Index climbed 0.15% and 0.6% higher, respectively.

Wednesday marked the highest closing level for all three benchmarks since early June.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +0.59% or +23.21 points to 3,959.90

Dow Jones Industrial Average (DIA  ): +0.15% or +47.49 points to 31,874.84

Nasdaq Composite Index (QQQ  ): +1.58% or +184.50 points to 11,897.65

Netflix (NFLX  ) was in the spotlight after the streaming giant reported it has lost only 970,000 subscribers in the second quarter--fewer than the forecasted 2 million. However, this still marked the second straight quarter of subscriber declines for the company as it works to retain viewership.

In addition to earnings, Netflix said it plans to unveil its lower-cost, ad-support subscription tier in early 2023, with the news coming soon after the company partnered with Microsoft (MSFT  ) to create the ad-supported offering.

"We'll likely start in a handful of markets where advertising spend is significant," Netflix said in a shareholder letter on Tuesday. "Like most of our new initiatives, our intention is to roll it out, listen and learn, and iterate quickly to improve the offering. So, our advertising business in a few years will likely look quite different than what it looks like on day one."

Wednesday's moves follow a rally that saw all the major averages rise more than 2% as market participants bet on whether or not stocks have bottomed from deep losses seen throughout the first half of the year.

The earnings calendar remains busy heading towards the end of the week, with Abbott Labs (ABT  ) reporting disappointing sales from its nutrition unit during the second quarter, causing shares to fall about 2% at opening bell. However, the company raised its full-year profit forecast.

After the bell, Tesla (TSLA  ) and United Airlines (UAL  ) are set to deliver second quarter earnings.