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S&P Hits 5,000, Closes Just Underneath

Stocks were mixed during Thursday trading, with the S&P 500 on the brink of breaching the 5,000 milestone for the first time ever.

The Dow Jones Industrial Average recovered 48.97 points to end Thursday at 38,726.33.

The S&P 500 index forged ahead 2.85 points to 4,997.91. The S&P continued its dance with 5,000 after rising within striking distance of the landmark level during Wednesday’s session. The index touched as high as 4,999.89 on an intraday basis before paring back gains.

The NASDAQ index gained 37.07 points to 15,793.72.

Earnings remained top of mind for investors, with Disney surging 11% after beating quarterly earnings estimates and raising its guidance. Chipmaker and designer Arm jumped 49% after reporting stronger-than-expected earnings and providing an upbeat profit forecast.

The earnings season continues after the bell with reports from Expedia, Affirm Holdings and Take-Two Interactive

Markets also wrestled with the notion of fewer rate cuts than previously expected this year after recent commentary from the central bank and Federal Reserve Chair Jerome Powell dashed hopes for a cut in March.

So far this season, 77% of S&P 500 companies have topped earnings expectations, while about 68% have beaten sales forecasts, according to FactSet. These strong earnings, and a continued chug higher in 2023’s winning mega-cap technology stocks, have boosted the market in recent sessions.

Prices for the 10-year Treasury sagged, raising yields 4.15% from Wednesday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices surged $2.61 to $76.47 U.S. a barrel.

Gold prices backpedaled $3.60 to $2,048.10.



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