US Market edges up on Thursday

The US stock market finished choppy session modestly higher on Thursday, 08 February 2024, as investors digested corporate earnings reports and jobs data. At closing bell, the Dow Jones Industrial Average index advanced 48.97 points, or 0.13%, to 38,726.33. The S&P500 index added 2.85 points, or 0.06%, to 4,997.91. The tech-heavy Nasdaq Composite index was up 37.07 points, or 0.24%, to 15,793.71.

Total 6 of 11 S&P500 sectoral indices inclined, with energy sector being top performer, rising 1.1%, while utilities sector was bottom performer, falling 0.83%.

Earnings remained top of mind for investors, with shares of Arm Holdings skyrocketing by 47.9% after the chipmaker reporting better than expected fiscal third quarter results and providing upbeat guidance for the current quarter.

 

Shares of entertainment giant Disney soared by 11.5% after reporting better than expected fiscal first quarter earnings, boosting its dividend and providing an upbeat forecast. The company also announced a $3 billion share repurchase plan.

On the other hand, shares of PayPal plunged by 11.2% after the online payments company forecasted flat growth in adjusted profit for current year.

ECONOMIC NEWS: The Labor Department released a report on Thursday showing the U.S. initial jobless claims slipped to 218,000, a decrease of 9,000 from the previous week's upwardly revised level of 227,000.

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