The Nasdaq Composite Index rose above 5,000, approaching its all-time high as Netflix Inc. led a rally in Internet stocks while investors awaited this week’s corporate earnings reports.

Netflix added 6.3 percent after an analyst upgrade, and Facebook Inc. increased 1.9 percent as the Nasdaq Internet Index rose to its highest level in more than a month. Gilead Sciences Inc. gained more than 1.2 percent as a gauge of biotechnology stocks climbed.

The Nasdaq Composite rose 0.4 percent to 5,013.47 at 12:23 p.m. in New York to climb back within 0.7 percent of its March 2000 high. The S&P 500 was little changed at 2,102.06 after erasing earlier gains of as much as 0.3 percent. The Dow Jones Industrial Average gained 6.72 points, or less than 0.1 percent to 18,064.37.

The Nasdaq Composite last month closed above above 5,000 three times, its first forays past that level since March 2000. It stalled within seven points of its dot-com-era record on March 20, before dropping 2.5 percent to the end of the month. It has rebounded 2.3 percent in April after posting its ninth consecutive quarterly gain, its longest streak ever.

Source : Bloomberg