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US Dow, S&P500 hits fresh record high

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The US stock market finished session modestly higher on Wednesday, 07 February 2024, as risk sentiments improved on better-than-expected earnings season, coupled with upbeat guidance. Market gains were led by shares of information technology, consumer discretionary, communication services, and financial sectors.
The advance comes despite a recent retreat in 2024 rate expectations following cautious commentary from the central bank. Fed Chair Jerome Powell signaled last week 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.
Investors will also be keeping a close eye on regional banks after Moody's downgraded its rating on New York Community Bancorp (NYCB) to junk status.
At closing bell, the Dow Jones Industrial Average index advanced 156 points, or 0.4%, to 38,677.36. The S&P500 index added 40.83 points, or 0.82%, to 4,995.06. The tech-heavy Nasdaq Composite index was up 147.65 points, or 0.95%, to 15,756.64.
Total 09 of 11 S&P500 sectoral indices inclined, with information technology sector being top performer, rising 1.43%, while consumer staple sector was bottom performer, falling 0.1%.
Share of Enphase Energy soared by 17% after the solar inverter maker said its inventory glut may be nearing a bottom and expects demand to improve throughout 2024.
Shares of Auto giant Ford surged by 6%, thanks to better than expected fourth quarter results and upbeat guidance for 2024. The company also announced a supplemental dividend of 18 cents per share.
Emerson Electric delivered better-than-expected quarterly earnings and raised its full-year sales forecast, sending its stock 10.5% higher.
Shares of Snap plummeted by 32% after the Snapchat parent reported mixed fourth quarter results and forecast first quarter sales below market expectation.
ECONOMIC NEWS: The Commerce Department released a report showing the U.S. trade deficit increased to $62.2 billion in December from a revised $61.9 billion in November.
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First Published: Feb 08 2024 | 8:34 AM IST

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