S&P briefly touches 5000

The 3 Major indices notch record highs on Wall Street

By Nadia Elbilassy | @Nadia Elbilassy | 9 February 2024

Market close
  • Stock markets reach record highs, with the S&P 500 nearing 5000 and Dow approaching 38,700, driven by robust earnings season.

  • Disney's shares surged 11% after a better-than-expected fiscal Q1 and a reinstated 3 billion share buyback plan.

  • Amazon reported robust sales, pushing major indices to new records.

In Stocks

Robust earnings from mega caps boosts the stock market. The 3 major indices ended Thursday near record highs the S&P 500 is about to notch the 5000 level and the Dow near 38,700.

Disney’s shares Jumped 11% overnight as they delivered a better-than-expected fiscal Q1 and reinstated a 3 billion share buyback plan this year.

Amazon earlier last week also reported robust sales and upbeat profit outlook estimates Whilst Meta rose 15% on the day it announced a 50 billion share buyback plan as well. All of which pushed the 3 major indices to record highs.

Arm shares also saw a remarkable surge of up to 60% overnight following the chip designer's decision to raise its annual guidance. The increase in royalty and licensing revenue was driven by a significant uptick in demand for artificial intelligence.

In Currencies

The US dollar was higher up on positive labor market data, The unemployment claims dropped for the first time in three weeks, to 218K vs 221K and 227K previous. The labor market has exhibited remarkable resilience in the recent period, bolstering the strength of the dollar.

Bitcoin experienced a significant overnight surge, opening the possibility of a potential upward movement towards the $50,000 mark.