Stock Market Today: S&P 500 closes at record as unprecedented 5,000 level in focus
Investing.com -- The S&P 500 rallied Wednesday closing at a record high and just shy of 5,000 level as bullish bets on stocks continued, with consumer stocks leading the charge following an earnings-led rally in Chipotle and Ford.) climbed 6% boosting consumer stocks after the automaker delivered annual guidance and fourth-quarter that topped analyst estimates. Ford guided $10-12B in 2024 earnings before interest and taxes, or EBIT, topping analyst estimates of $9.
Ford's guidance assumes a reversal of losses at Model E to $5 to 5.5B for 2024, RBC said in a Wednesday note, from $6.3B annualized in 2023, despite "2023 only experiencing worsening EV losses each quarter.") posted its first-ever annual operating profit on a net basis thanks in part to solid holiday demand for its ride-sharing and food delivery services. Shares closed marginally higher on the day.
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