The S&P 500 edged up 0.06% for a fresh record high close of 4,997.91, the Dow Jones Industrial Average gained 0.13% to touch a new record high of 38,726, and the tech-heavy Nasdaq gained nearly 0.2%
The major US stock indexes held steady on Thursday, with the S&P 500 and Dow Jones Industrial Average narrowly reaching record highs as investors cheered Disney’s upbeat earnings report and digested other corporate results.
The S&P 500 edged up 0.06% for a fresh record high close of 4,997.91. The benchmark index once again ended just a few points shy of 5,000. The Dow Jones Industrial Average (DJIA) gained 0.13% to touch a new record high of 38,726. Meanwhile the tech-heavy Nasdaq gained nearly 0.2%.
The small-cap Russell 2000 Index was an outperfomer on Thursday, increasing nearly 1.5% after having been a laggard during this year’s market rally that has continued many of the themes that predominated in 2023.
Stocks have rallied as strong economic data and upbeat earnings have lifted spirits on Wall Street, helping the benchmark S&P 500 close in on the key psychological mark of 5,000. But some investors are questioning whether gains can be sustained, given the concentrated group of megacaps driving them.
Shares in Arm surged over 47% after a strong sales outlook, boosting hopes that AI and tech will keep buoying the market. The chipmaker gave a surprisingly bullish forecast based on its expansion into new areas. Also providing cheer, Disney shares gained over 11% as investors welcomed its earnings beat and deals with Taylor Swift and Fortnite maker Epic Games.
Meanwhile, traders have scaled back on bets on a March interest rate reduction thanks to a drumbeat of caution from central bank officials. On Thursday, Richmond Fed President Tom Barkin said it would be smart for the central bank to “take our time” on rate cuts.