S&P 500 finishes just shy of 5,000 after latest push

Shares of Disney rocketed up 11.5 percent as the entertainment giant reported better-than-expected profits, disclosed it is buying a stake in Fortnite maker Epic Games and announced a dividend hike and new share repurchase program.

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The S&P 500 edged a bit above 5,000 in the final moments of trading, reaching 5,000.40, before retreating.

The broad-based index ended at 4,997.91, up 0.1 percent.

The Dow Jones Industrial Average also edged up 0.1 percent to 38,726.33, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 15,793.72.

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Angelo Kourkafas of Edward Jones said next week’s consumer price index report could be the catalyst that lifts the S&P 500 above the 5,000-point threshold.

“It’s just a number but it’s symbolic of the strength that we have seen in equities given what else is going on,” Kourkafas said. “Nothing points to the trend being over.”

British chip designer Arm surged nearly 48 percent as it boosted its forecast in light of robust demand for “all things” artificial intelligence.

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Mattel climbed 0.3 percent after the Barbie-maker reported higher profits and revenues.

PayPal sank 11.2 percent on disappointment over the company’s outlook as it contends with intensifying competition in the payments markets.

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Published: 09 Feb 2024, 06:45 AM IST