NEW YORK (AP) — The U.S. stock market rose to the edge of its all-time high on Friday. The S&P 500 added 0.2% and finished just 0.3% shy of its record closing level, which was set in October. It had briefly topped the mark during the day, before paring its gain.

Netflix is calling its purchase of Warner Bros. Discovery a transformational deal that will accelerate its growth, but the streaming leader is paying a stiff price for the Warner assets—and taking on substantial debt to do so.