US stocks remained largely unchanged Thursday, with the benchmark S&P and the Dow ticking up from Wednesday's record highs:
- The S&P 500 rose 2 points to 4,997. The index reached 4,999.89 during the day, but closed just below the 5,000 milestone, notes CNBC.
- The Dow rose 48 points to 38,726.
- The Nasdaq rose 37 points to 15,793.
A new report on unemployment benefits showed the job market remains remarkably solid, while the latest set of earnings reports from big US companies kept the stock market mixed overall, per the AP. The Walt Disney Co. jumped 12.3% after it reported stronger profit for the latest quarter than analysts expected. It benefited from cost cuts and growth at its theme parks. Ralph Lauren was another winner, rising 17.2% after its profit and revenue topped Wall Street's forecasts. It said it saw strong holiday sales around the world, led by Asia. US-listed shares of Arm Holdings, a UK-based semiconductor company, soared 47% after it also topped analysts' expectations.
Helping to offset those gains was PayPal, which slumped 11.3% even though it reported stronger profit than expected. It gave a forecast for expected profit across 2024 that fell short of expectations. S&P Global was another one of the heaviest weights on the S&P 500, falling 5.3% after reporting weaker profit for the latest quarter than expected. New York Community Bancorp had a zigzag day, at one point going from a loss of nearly 10% to a gain and back to a loss of 7%. Its stock has dropped nearly 60% since it shocked investors across the banking industry with a surprise loss last week, and Moody's cut its credit-rating to "junk" status earlier this week.
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