MFI:CC - S&P Runs Win Streak to 6
The S&P 500 rose for a sixth straight day, overcoming a slump in Tesla as data indicated continued economic growth.
The Dow Jones Industrials boarded the “up” elevator 242.74 points to 38,049.13.
The S&P 500 index gained 25.61 points to 4,894.16, grabbing yet another all-time record.
The NASDAQ held onto gains of 28.58 points to 15,510.50.
Despite Thursday's underperformance, the NASDAQ has outperformed this week, tracking to finish up 1.3%. The S&P 500 has advanced 1.1%, while the Dow is 0.5% higher on the week. Both the S&P 500 and NASDAQ have finished higher for past five sessions.
But a selloff in Tesla, a retail investor favorite, weighed on the market. Shares plunged 12% after the electric vehicle maker posted disappointing fourth-quarter results and warned of lower vehicle volume growth for 2024.
On the other hand, IBM jumped more than 9% after the technology company posted adjusted earnings and revenue that beat analysts' predictions.
More than one-fifth of S&P 500 companies that have reported financials this earnings season, according to FactSet. Nearly 74% of those have surpassed Wall Street expectations, the firm's data shows.
Gross domestic product data showed the U.S. economy grew at a rate of 3.3% in the fourth quarter. That's much higher than the 2% expectation from economists polled by Dow Jones, underscoring continued economic resiliency despite interest rate hikes.
Thursday's report also included encouraging data on the inflation front. The price index for personal consumption expenditures rose 2.7% on an annualized basis, down from 5.9% a year prior. So-called core PCE, which excludes food and energy, increased by 3.2%, down from 5.1%.
Prices for the 10-year Treasury gained, lowering yields to 4.13% from Wednesday's 4.18%. Treasury prices and yields move in opposite directions.
Oil prices regained $2.15 to $77.24 U.S. a barrel.
Gold prices recaptured $3.50 to $2,019.50.
S&P Runs Win Streak to 6