Stock market today
A mixed close for the US stock market today, Nasdaq outperformed and Dow Jones underperformed. The closing numbers for the US stock market today are:
S&P 500: 4,549.78,+13.59(+0.30%)
Dow 30: 35,603.08,-6.26(-0.02%)
Russell 2000: 2,292.86,+3.10(+0.14%)
Stock market news
“Stocks were mostly higher on Thursday, with the S&P 500 rising to log an all-time high as a parade of strong earnings results helped buoy equity prices.
The S&P 500 rose 0.3% to reach record intraday and closing highs, led by gains in the consumer discretionary and information technology sectors. The Dow dipped but came off session lows. The 30-stock index had set a fresh record intraday high during the regular trading day on Wednesday, marking its first all-time high since mid-August.
Bitcoin prices (BTC-USD) pulled back from an all-time high of $66,000 reached earlier on Wednesday.
Estimates-topping earnings results from companies from Verizon (VZ) to Anthem (ANTM) and Abbott Laboratories (ABT) extended a streak of strong quarterly reports kicked off by the big banks last week. Tesla (TSLA) shares pushed higher after the electric-vehicle maker posted profits that exceeded estimates on the back of record quarterly deliveries, though revenues fell short.
With stocks trading near record levels, these kinds of earnings beats will need to be maintained in order to fuel further appreciation, some strategists said.
“Both the fiscal stimulus and monetary stimulus has been driving markets really since the ricochet off the bottom of COVID,” Michael Vogelzang, chief investment officer for Captrust, told Yahoo Finance Live on Wednesday. “What we’re looking at now is, the easy work is done. The Fed is beginning to taper shortly, we expect. We don’t expect interest rates to rise much from here. But what it means is that the market is reasonably valued. It’s not cheap by anyone’s estimation. And in order to progress here … we’re going to have to see stronger earnings growth, and continued strong earnings growth.”
“We’ve seen the peak cycle acceleration,” he added. “Now it’s the hard work – can we continue to create profit growth in our various companies? Can the market and the economies around the globe work through some of the logistical issues?”
Stock market data: Yahoo Finance