The S&P 500 hit a record high and neared the 5,000 level for the first time Wednesday as Ford Motor, Chipotle Mexican Grill, and other big stocks climbed following their latest earnings reports.
- The S&P 500 rose 40.83 points, or 0.8%, to 4,995.06 and at one point was just a fraction of a point from 5,000.
- The Dow Jones Industrial Average rose 156 points, or 0.4%, to an all-time high of 38,677.36.
- The Nasdaq composite rose 147.65 points, or 0.9%, to 15,756.64.
A relatively calm day in the bond market helped keep things smooth, despite some concerns about investors' ability to digest a $42 trillion auction of 10-year Treasurys.
Underneath the surface, though, were still some very sharp moves, the AP reports. New York Community Bancorp went from an initial gain to a steep loss of 14% and back to a gain of 6.7%. It's the latest dizzying swing for the bank, which is still down nearly 60% since rattling investors across the industry last week with a surprise loss. It's struggling with challenges related to its acquisition of Signature Bank, which was one of the banks that collapsed in last year's mini-crisis for the industry. But New York Community Bancorp is also feeling pain from a problem dogging banks worldwide: weakness in commercial real estate. Moody's downgraded the bank's credit rating late Wednesday to "junk" status.
Elsewhere on Wall Street, Chipotle Mexican Grill rose 7.2% after reporting stronger profit and revenue for the latest quarter than analysts expected. Its restaurants sold more meals to customers than they did a year earlier. CVS Health gained 3.1% after it likewise topped expectations for both profit and revenue in the final three months of 2023. The drugstore chain and pharmacy benefits manager, though, also trimmed its forecast for full-year results. Ford Motor climbed 6.1% following its better-than-expected results, while Enphase Energy soared 16.9% despite falling just shy of forecasts. Investors are hopeful that weakness in demand for the supplier of solar and battery systems is nearing a bottom.
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They helped offset a 9.7% drop for VF Corp., the company behind Vans, The North Face, and other brands. It reported weaker results than analysts expected. Snap tumbled 34.6% after its fourth-quarter revenue fell short of analysts' expectations. The company behind Snapchat also gave a tepid forecast for 2024 after saying on Monday that it was laying off 10% of its workforce.
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