NEW YORK — Wall Street drifted higher Wednesday as gains for most stocks outweighed drops for Alphabet and some other big-name companies following their latest profit reports.

The S&P 500 rose 0.4% following mixed trading across European and Asian markets. The Dow Jones Industrial Average added 317 points, or 0.7%, and the Nasdaq composite gained 0.2%.

Toymaker Mattel jumped 15.3% after blowing past analysts’ forecasts for profit in the latest quarter. Strength for its Hot Wheels brand helped make up for some softness for Barbie and other dolls. Mattel also gave a forecast for profit this upcoming year that topped analysts’ expectations.

Amgen rallied 6.5% and was one of the strongest forces pushing upward on the S&P 500. It reported stronger profit for the latest quarter than expected, thanks in part to growth for its Repatha medicine, which can lower bad cholesterol and reduce the risk of heart attack.

They helped offset a 7.3% drop for Alphabet, which sank even though Google’s parent company reported stronger profit for the latest quarter than analysts expected. Investors focused instead on slowing growth for its cloud business, whose revenue fell short of forecasts.