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S&P 500 Near Historic 5,000 Mark as Tech Rallies: Markets Wrap.
- Source :
- Bloomberg.com; 2/7/2024, p1-1, 1p
- Publication Year :
- 2024
-
Abstract
- The S&P 500 is nearing the historic 5,000 mark due to a rally in tech megacaps. Despite concerns about high valuations and cautious commentary from Federal Reserve officials, stocks continue to hit all-time highs. The MSCI World Index of developed-market shares also reached a record. The positive tone in the market may continue if the bond market sees another strong government auction. Additionally, central bank speakers have indicated that there is no rush to cut rates. The US and Europe's resilient economic growth is expected to support equities, although some parts of the stock market may appear "frothy." The $244 billion Invesco QQQ Trust Series 1, which tracks the Nasdaq 100, is trading near key resistance levels and may see further gains. The 10-year Treasury auction scheduled for Wednesday will be the largest ever, and a solid auction reception is expected. Ford Motor Co. reported better-than-expected fourth-quarter results and forecasted higher profits in 2024. Snap Inc. reported lower-than-projected revenue, disappointing investors. Alibaba Group Holding Ltd. approved another $25 billion in stock repurchases. Uber Technologies Inc. reported gross bookings that beat analyst estimates. Chipotle Mexican Grill Inc.'s fourth-quarter sales and profit exceeded expectations. [Extracted from the article]
Details
- Language :
- English
- Database :
- Complementary Index
- Journal :
- Bloomberg.com
- Publication Type :
- Periodical
- Accession number :
- 175318737