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The S&P 500 came tantalizingly close to reaching a historic milestone on Thursday, flirting with the 5,000 points mark before falling just short. Meanwhile, oil prices jumped as concerns over the situation in the Middle East escalated.
Despite a slight increase in U.S. indices, the S&P 500 managed to briefly touch 5,000.40 in the final moments of trading. However, it ultimately closed at 4,997.91, representing a 0.1 percent gain but falling just shy of its first-ever close above the 5,000 points mark.
Angelo Kourkafas, a representative from financial services firm Edward Jones, stated that next week’s consumer price index report could serve as the catalyst needed to push the S&P 500 above the significant 5,000-point threshold. Kourkafas highlighted the symbolic strength represented by this milestone and expressed confidence in the continued upward trend of equities.
While market analysts believe there might be a pullback on the horizon, plenty of investors have remained firm in their commitment to the momentum trade. Briefing.com noted that despite waiting for a break in the action, market participants are still keen on riding the trend until it reverses.
In Europe, stock indices mostly saw gains, playing catch-up with Wall Street. Paris, Frankfurt, and Milan experienced rises, while London witnessed a decline.
David Morrison, senior market analyst at Trade Nation, commented on the prevailing positive sentiment among investors, attributing it to the continuous record highs achieved on Wall Street. Morrison highlighted the encouragement investors draw from these new milestones.
Among individual companies, Disney grabbed the spotlight as its stock soared by 11.5 percent. The entertainment giant reported better-than-expected profits, announced a significant investment in Fortnite maker Epic Games, and unveiled plans for a dividend hike and share repurchase program.
However, London’s FTSE 100 index was dragged down by British pharmaceutical company AstraZeneca, which experienced a six percent drop due to concerns about its outlook following impressive profits last year. Additionally, Danish shipping company Maersk witnessed a 15 percent decline in its stock price in Copenhagen following a substantial decrease in net profit and uncertainty surrounding the Red Sea situation.
On the commodities front, West Texas Intermediate (WTI) crude oil prices surged by 3.2 percent, reaching $76.22 per barrel. The rally was fueled by mounting worries over tensions in the Middle East.
As investors eagerly anticipate the S&P 500 crossing the 5,000-point threshold, the market remains buoyant. The upcoming consumer price index report and ongoing solid corporate earnings provide hope for further gains. However, concerns about a potential pullback persist. European markets strive to catch up with their American counterparts, and individual companies experience mixed reactions to their financial performance. Meanwhile, oil prices surge amidst increasing tensions in the Middle East.
