S&P 500 closes higher for a fourth day, now just 2% from its February record as Disney rallies
Stocks rose on Wednesday on the back of strong Disney earnings and coronavirus vaccine hopes as the broader market approached reached record levels set earlier this year.
The S&P 500 advanced 0.6% to 3,327.77 and the Nasdaq Composite climbed 0.4% to 10,998.40. The Nasdaq briefly broke above 11,000 for the first time and posted a six-day winning streak. The S&P 500 closed higher for a fourth straight day. The Dow Jones Industrial Average also posted a four-day winning streak, rallying 373.05 points, or 1.4%, to 27,201.52.
Monday’s gains put the S&P 500 about 2% below a record set on Feb. 19. The broader market index has rallied more than 50% since hitting an intraday low on March 23, led in large part by major tech stocks such as Facebook, Amazon, Netflix, Apple, Alphabet and Microsoft.
Disney earned 8 cents per share, while analysts expected a loss of 64 cents per share. Disney said it now has 100 million paid subscribers across its streaming services, which include Disney+, Hulu and ESPN+. Disney shares popped 8.8%.
Reference: CNBC
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