Stock Market Today: S&P 500 Closes at Record High
Record High for S&P 500 as Bullish Bets Continue
The S&P 500 rallied Wednesday, closing at a record high and just shy of the 5,000 level as bullish bets on stocks continued. Consumer stocks led the charge following an earnings-led rally in Chipotle and Ford.
S&P 500 and Other Major Indexes Close Higher
By 16:00 ET (21:00 GMT), the benchmark had gained 0.4% to 4,995.22, just shy of the 5,000 mark. The tech-heavy Nasdaq rose by 1%, and the blue-chip Dow Jones Industrial Average had advanced by 0.4%.
Ford Drives Consumer Stocks Higher with Upbeat Guidance
Ford Motor Company climbed 6%, boosting consumer stocks after the automaker delivered annual guidance and fourth-quarter results that topped analyst estimates. Ford guided $10-12B in 2024 earnings before interest and taxes, or EBIT, topping analyst estimates of $9.6B.
Uber Posts First-Ever Annual Operating Profit
Uber Technologies posted its first-ever annual operating profit on a net basis thanks in part to solid holiday demand for its ride-sharing and food delivery services. Shares closed marginally higher on the day.
Chipotle Mexican Grill Inc Reports Strong Quarterly Results
Chipotle Mexican Grill Inc, up 7%, also reported quarterly results that beat on both the top and bottom lines, driven by an 8.1% rise in same-store sales as foot traffic rose 7.4% in the quarter.
Market Performance of Snap and New York Community Bancorp
Snap shares plummeted 34% after the social media giant reported quarterly revenue of $1.36 billion that missed projections of $1.38 billion. New York Community Bancorp fell 1% even as the regional bank tried to cool worries about its financial strength.
Energy Stocks Lag as Oil Prices Rise
Energy stocks were flat as oil prices pared some gains following a larger than expected increase in U.S. weekly crude stockpiles. In the week ended Feb. 2, weekly inventories rose by 5.5 million barrels, well above the prior week’s 1.2 million build and estimates for 1.7 million barrels.
Scott Kanowsky, Oliver Gray contributed to this report.
