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NEW YORK, NEW YORK – JANUARY 22: Traders work on the floor of the New York Stock Exchange during afternoon trading on January 22, 2024 in New York City. As stock prices continued to rise, both the Dow Jones and S&P hit record highs, with the Dow Jones closing above 38,000 points for the first time in history. (Photo by Michael M. Santiago/Getty Images)
Michael M. Santiago | Getty Images News | Getty Images
of S&P500 Wednesday rose as follows Netflix Led extensive gatherings among technology names and propelled the broader market to new heights.
The benchmark S&P 500 rose 0.08% to 4,868.55, setting a new record closing price.of Nasdaq Composite 0.0, supported by a rise in tech stocks. It rose 36% to 15,481.92. It was the fifth consecutive victory for both teams.
of Dow Jones Industrial Average It fell 99.06 points (0.26%) to 37,806.39, representing a decline of more than 2%. verizon and 3M The day after each revenue was reported.
Netflix stock soared more than 10% after the company announced that its total subscriber count hit a record high of 260.8 million. Sales exceeded analysts’ expectations and also exceeded profit estimates for the current quarter.
Charlie Ripley, senior strategist at Allianz Investment Management, said the earnings report was “a huge tailwind.” More broadly, “people thought things were fairly balanced, or even prepared for more downside risks, as economic growth and activity continued to decline. , what we’ve seen is that things are becoming more resilient.”
In other places, microsoft It rose nearly 1%, briefly pushing its market value above $3 trillion for the first time. meta rose 1.4%, pushing Facebook’s parent company’s market capitalization to more than $1 trillion.
Both gains fueled strong mega-cap tech performance in 2024, pushing the S&P 500 to record highs and confirming a new bull market. Telecommunications services stocks and information technology stocks rose 1.2% and 0.8%, respectively, on Wednesday, pushing the composite index higher.
Beyond technology AT&T Shares fell about 3% after lower-than-expected profits. dupont de nemours The stock fell 14% after pre-announcement of weak fourth-quarter results and a disappointing first-quarter outlook.
Earnings reports will continue to be a focus for traders. tesla, las vegas sands and IBM The deadline is after the bell. Of the more than 16% of S&P 500 companies that have reported quarterly results so far this season, more than 71% have beat Wall Street expectations, according to FactSet.
“The market is very bullish,” said Larry Tentarelli, founder of Blue Chip Daily Trend Report. “What’s important at this point is the response to the bottom line,” he said.
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