S&P 500 briefly hits 5,000 for the first time

The S&P 500 briefly topped the 5,000 milestone for the first time ever, with the broad-based index finishing slightly higher at 4,997.91.

The Dow Jones Industrial Average rose 48.97 points, or 0.13%, to end at 38,726.33, while the Nasdaq Composite gained 0.24% to close at 15,793.71. Strong earnings and a continued increase in Megacap technology stocks have boosted the market, but concentrated leadership in 2023’s darlings has been a concern for some investors.

The narrow breadth to renewed uncertainty surrounding rate cuts has led to renewed uncertainty surrounding rate cuts. Disney surged 11.5% after beating quarterly earnings estimates and raising its guidance, while Arm jumped 47.9% after reporting stronger-than-expected earnings and providing an upbeat profit forecast.

Yields rose, with the 10-year Treasury note last at 4.15%, putting some pressure on stocks despite a raft of strong earnings reports that have lifted investor confidence in a robust economy driving corporate profits and growth. The earnings season continues with reports from Expedia, Affirm Holdings, and Take-Two Interactive.