NEW YORK — Wall Street rose to the edge of another record-breaking milestone Wednesday as Ford Motor, Chipotle Mexican Grill and other big stocks climbed following their latest earnings reports.
The S&P 500 got within a fraction of a point of the 5,000 level before ending the day at 4,995.06. The index rose 40.83 points, or 0.8%, to set another all-time closing high.
The Dow Jones Industrial Average added 156.00 points, or 0.4%, to 38,677.36, and the Nasdaq composite gained 147.65 points, or 0.9%, to 15,756.64.
New York Community Bancorp went from an initial gain to a steep loss of 14% and back to a gain of 6.7%. It’s the latest dizzying swing for the bank, which is still down by more than half since rattling investors across the industry last week with a surprise loss.
The bank is struggling with challenges related to its acquisition of Signature Bank, one of the banks that collapsed last year. New York Community Bancorp also is feeling pain from a problem dogging banks worldwide: weakness in commercial real estate.
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Moody’s downgraded the bank’s credit rating to “junk” status from the lowest tier of investment-grade.
Stocks of other regional banks were caught up in the drama, to a lesser degree. The KBW Nasdaq Regional Banking index swung between losses and gains before ending 0.1% lower.
Chipotle Mexican Grill rose 7.2% after reporting stronger profit and revenue for the latest quarter than analysts expected. Its restaurants sold more meals to customers than they did a year earlier.
CVS Health gained 3.1% after it likewise topped expectations for both profit and revenue in the final three months of 2023.
Ford Motor climbed 6% following its better-than-expected results, while Enphase Energy soared 16.9% despite falling just shy of forecasts.
They helped offset a 9.7% drop for VF Corp., the company behind Vans, The North Face and other brands. It reported weaker results than analysts expected.
Snap tumbled 34.6% after its fourth-quarter revenue fell short of analysts’ expectations. The company behind Snapchat also gave a tepid forecast for 2024 after saying Monday it would lay off 10% of its workforce.
Wall Street also was trying to game out the impacts from an announcement that ESPN, Fox and Warner Bros. Discovery are planning to launch a streaming platform for sports; fuboTV, a streaming service that offers sports, fell 22.7%.
In the bond market, the yield on the 10-year Treasury edged up to 4.11% from 4.09% late Tuesday following the U.S. government’s $42 billion auction of 10-year Treasurys.
Abroad, indexes were modestly lower in Europe and mixed in Asia. Stocks rose 1.4% in Shanghai but slipped 0.3% in Hong Kong.
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