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News Junction > Blog > World News > Stock market today: Live updates
Stock market today: Live updates
World News

Stock market today: Live updates

Published February 8, 2024
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The S&P 500 rose Wednesday and edged closer to the 5,000 level for the first time as investors parsed through another slate of quarterly results.

The broad-based index, which first breached the 4,000 level in April 2021, added 0.8%, while the Nasdaq Composite jumped about 1%. The Dow Jones Industrial Average rallied 220 points, or 0.55%.

“It’s earnings driven, but it’s bleeding over into other companies that may not have announced,” said Kim Forrest, Bokeh Capital’s chief investment officer, of Wednesday’s moves. “They’re getting swept on the coattails. Some of what we’re experiencing this year is people don’t want to be left behind like they were last year.”

Stocks rallied as investors weighed a fresh batch of strong corporate profits and major technology behemoths continued their march higher as investors bet on continued growth and artificial intelligence tailwinds.

Enphase Energy popped 16% after the solar company said its inventory glut may be approaching a bottom, and boosted the broader solar sector in sympathy. Automaker Ford gained 5% after beating Wall Street’s fourth-quarter estimates and issuing higher-than-expected guidance, while Chipotle Mexican Grill climbed 9% on strong earnings and traffic growth.

A better-than-expected earnings season, coupled with upbeat guidance, has been a source of strength for the market in recent weeks, signaling that the consumer is chugging along and that the economy remains resilient even as rates stay elevated.

The advance comes despite a recent retreat in 2024 rate expectation following cautious commentary from the central bank. Fed Chair Jerome Powell signaled that investors will have to wait longer than previously thought for a pivot, while Minneapolis Federal Reserve President Neel Kashkari said Wednesday that he anticipates only two to three rate cuts this year.

In other news, New York Community Bancorp shares were volatile during afternoon trading after Moody’s downgraded its credit rating to junk. Shares have fallen about 35% in February alone as the bank posted a surprise fourth quarter loss and slashed its dividend amid rising commercial real estate losses.

Another slate of Fed speakers is on tap Wednesday, including remarks from governors Michelle Bowman and Adriana Kugler. That’s followed by quarterly results from Walt Disney, PayPal and Arm Holdings after the bell.

#Stock #market #today #Live #updates

TAGGED:Arm Holdings PLCBreaking News: Marketsbusiness newsChipotle Mexican Grill IncDow Jones Fut (Mar'23)Dow Jones Industrial AverageEnphase Energy IncFord Motor CoLivemarketMarketsNASDAQ 100 Fut (Mar'23)NASDAQ CompositeNew York Community Bancorp IncPayPal Holdings IncS&P 500 Fut (Mar'23)S&P 500 IndexSnap IncSolaredge Technologies IncStockStock marketstodayUber Technologies IncUnited StatesupdatesWalt Disney CoYum! Brands Inc
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