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U.S. stocks crept to a record as the S&P 500 nudged higher after a quiet Tuesday of trading.
The main measure of Wall Street’s health rose 0.2% to finish just above its all-time closing high set last month. Most of the stocks within the index rose, as it danced around the milestone through the day.
The Dow Jones industrial average added 10 points, or less than 0.1%, while the Nasdaq composite rose 0.1%.
Entergy helped lead the way after rallying 6%. The electric company, which serves customers in Arkansas, Louisiana, Mississippi and Texas, reported stronger profit for the latest quarter than analysts expected.
That helped offset a 5.5% drop for Conagra Brands, which lowered its forecasts for upcoming profit and other financial measures.
Meta Platforms weighed on the market after falling 2.8% It was the first drop for the parent of Facebook and Instagram since Jan. 16, and it had leaped more than 20% over that 20-day winning streak.
U.S. stocks have climbed back to record heights thank in large part to stronger-than-expected profit reports, even after big disruptions recently seemed set to derail Wall Street’s long, upward trend that began in 2022.
Companies in the S&P 500 are on track to deliver nearly 17% growth in their earnings per share for the final three months of 2024, compared with a year earlier. That would be the best growth since 2021, according to FactSet.
Treasury yields rose again Tuesday, with the yield on the 10-year Treasury rising to 4.55% from 4.48% late Friday. Like the U.S. stock market, bond trading was closed Monday in observance of the Presidents Day holiday.
All told, the S&P 500 rose 14.95 points to 6,129.58. The Dow added 10.26 to 44,556.34, and the Nasdaq composite gained 14.49 to 20,041.26.
— Associated Press