Wall Street ends up, the S&P 500 close to 5000 points

(New York) The New York Stock Exchange ended sharply higher on Wednesday, driven mainly by technology, which pushed the S&P 500 to a new record and on the verge of 5000 points for the first time.

The Dow Jones index, also at a new high, gained 0.40% to 38,677.36 points. The technology-dominated NASDAQ advanced 0.95% to 15,756.64 points and the S&P 500 gained 0.82% to 4,995.06 points, after approaching the symbolic bar of 5,000 points.

“The market continues to soar thanks to corporate results,” commented Peter Cardillo, analyst at Spartan Capital. “Investors appreciate what we present to them, particularly in terms of projections,” he added.

For its part, the bond market remained calm, which favored stocks. The yield on the 10-year Treasury note was hovering around 4.11%, up from 4.10% the day before around 4:15 p.m. ET.

Among the results that made brokers smile, Ford (+6.03% to $12.80) published Tuesday, after the close, accounts higher than expectations in the fourth quarter, despite a loss ($526 million). linked to exceptional elements. The group has unveiled ambitious objectives for the current year.

Its quarterly turnover reached $46 billion, up 4% year-on-year. Ford is targeting operating profit of between $10 billion and $12 billion in 2024, more than analysts projected.

The Chipotle Mexican Grill chain saw its shares soar by 7.12% to $2,664 per share, after sales up 8.4% at a comparable number of brands, more than expected, totaling a figure of ‘business of $2.52 billion in the fourth quarter.

First neglected in the morning despite good quarterly results, Uber’s stock ended stable (+0.28%).

The chauffeured vehicle (VTC) reservation and meal delivery company published a net profit of $1.4 billion (+140%), of which $1 billion was linked to the upward revaluation of equity investments .

Uber achieved a turnover of $9.9 billion in the fourth quarter of 2023, up 15% year-on-year, again more than expected by the market.

The video game platform Roblox regained color (+10.25%) after recording a record number of reservations for its services in the fourth quarter, while the number of daily users increased by 22% year-on-year.

Palantir, specializing in intelligence and defense, which uses artificial intelligence, continued its cavalcade on the stock market (+7.96% to $23.61).

The group reported a 20% jump in turnover in the fourth quarter, more than Wall Street expected.

In the red, the title of the New York Times fell 7.34%. The newspaper posted an increase in its web subscribers of 300,000 during the quarter, to 9.7 million, but its advertising revenue declined.

The American regional bank NYCB (New York Community Bank), in stock market difficulties for several sessions, yo-yoed, attracting speculators.

The stock collapsed by 14% in mid-session, after a downgrade of its credit rating by Moody’s on Tuesday evening, before recovering to finish up 7.14% at $4.50.

“There was a warning signal from the regional banks,” said Peter Cardillo.

These uncertainties about the solidity of the sector have had repercussions on other regional banks such as Valley National Bancorp (-2.33%).

Among the indicators, the United States trade deficit fell in 2023 to its lowest level since 2020. The balance between imports and exports was reduced by 18.7% in 2023 compared to 2022, to 773.4 billion of dollars.

Among the Fed members who spoke on Wednesday, Loretta Mester, president of the Cleveland branch, said that “it would be a mistake to cut rates too soon or too quickly without sufficient evidence that inflation is on an upward trend.” sustainable and timely trajectory to return to 2%.”