Shares climb in Europe as the S&P 500 nears the 5,000 level for the first time as strong financial results continue.
European stocks were further boosted on Thursday as the S&P 500 continues to near the 5,000 mark, a landmark level, as investors continue to digest a raft of strong earnings reports this week.
Germany’s DAX gained 0.31% to 16,973.07 and the CAC 40 in Paris advanced 0.54% to 7,652.68, while Britain’s FTSE 100 picked up 0.1% to 7,629.15, at the time of writing.
Wall Street also rose to the edge of the record-breaking 5,000 milestone on Wednesday too – as Ford Motor, Chipotle Mexican Grill and other big stocks climbed following their latest earnings reports.
The S&P 500 gained 0.8%, coming within a fraction of a point of the 5,000 level. The Dow added 0.4% and the Nasdaq composite gained 0.9%.
“The index came within a whisker of 5000 yesterday, building on its strong run so far in January,” Chris Beauchamp, IG chief market analyst, said.
“Record highs continue to be the norm in US indices, and the S&P 500 is no exception. There has been no sign of any extended weakness, and from a macro standpoint, the index’s continued gains despite diminished expectations around a Fed rate cut indicate that this rally is not driven just by what the market expects the Fed will do.”
Today, investors have more earnings to go through, including from Philip Morris, ConocoPhillips, Ralph Lauren, among others.