U.S. stocks are drifting around a record on Thursday amid a relatively quiet day on Wall Street. The S&P 500 was 0.2% higher in midday trading and on track to squeak past its all-time high set early last month after coming close the day before.
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The S&P 500 is on track for its first record close since Dec. 6. Traders should beware of chasing the move, said Jonathan Krinsky, chief market technician at BTIG, in a Wednesday morning client note.
Wall Street's indexes rose on Wednesday, with the benchmark S&P 500 hitting an intraday record high as investors cheered streaming video provider Netflix's quarterly report and President Donald Trump's private-sector artificial intelligence infrastructure investment plan.
The S&P 500 climbed to 6,100 for the first time during Wednesday's session. Traders cheered strong earnings and an AI initiative Trump announced on Tuesday.
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Of the S&P 500 companies that have reported earnings so far, 79% have beat estimates, according to FactSet data.
The S&P 500 ( ^GSPC) was little changed, coming off a three-day win streak that saw the benchmark index close Wednesday on the cusp of setting a new all-time high. The Dow Jones Industrial Average ( ^DJI) traded 0.2% higher, with a record not far off.
US stocks were subdued at the open after this week's rallies pushed the S&P 500 to a record. Investors will eye trade clues from Trump's Davos speech.
US stocks closed strong after Trump took office on Monday and seemed to soften his stance on tariffs. Dow and S&P 500 ended at highest since Dec.
The S&P 500 index looks set to open higher, putting it within touching distance of the record high reached last month. The implied opening price is 6,021.54, just 1.1% below the record close of 6,090.
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