Rebound Complete: S&P Notches Record High

Dow rises 349 points as market claws back losses from earlier in the week
By Newser Editors and Wire Services
Posted Feb 15, 2024 3:04 PM CST
Rebound Complete: S&P Notches Record High
Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Wednesday, Jan. 31, 2024.   (AP Photo/Richard Drew, File)

US stocks moved back into record territory Thursday following a plunge earlier in the week over inflation:

  • The S&P 500 rose 29 points, or 0.5%, to 5,029. That's a record-high close for the benchmark index, reports CNBC.
  • The Dow rose 348 points, or 0.9%, to 38,773.
  • The Nasdaq rose 47 points, or 0.3%, to 15,906.

The gains came after a mixed set of data on the economy, including a report showing sales at US retailers weakened by more in January from December than expected. A separate report said fewer US workers applied for unemployment benefits last week than expected, the latest signal of a solid job market, per the AP. Other reports painted a mixed but better-than-feared picture of the manufacturing industry. In terms of the market, TripAdvisor gained 10.7% after reporting stronger results for the latest quarter than analysts expected. Tech giant Cisco Systems also reported better-than-anticipated results, but its stock sank 1.8% after it cut its profit forecast for its full fiscal year.

CBRE group jumped 9.2% for one of the largest gains in the S&P 500 after it joined the parade of companies beating analysts' expectations in the last three months of 2023. Shake Shack was another winner, rising 25.3% after the burger chain reported better profit and revenue than expected. Wells Fargo climbed 7.6% and was one of the stronger forces pushing the S&P 500 upward. On the losing end of Wall Street was Deere, which fell 5.9% even though the maker of agricultural equipment's profit for the latest quarter topped expectations. Deere gave a profit forecast for this fiscal year that fell short of estimates, saying conditions in the industry are getting back to normal following a couple record years.

(More stock market stories.)

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