The stock market reached record levels on Thursday as strong earnings from major companies bolstered investor confidence. 

 

The S&P 500 added 0.98% to close at a record high of 4,596.42, and the tech-heavy Nasdaq Composite jumped 1.39% to close at its own record of 15,448.12. The Nasdaq also notched an intraday record high. The Dow Jones Industrial Average rose 239.79 points, or 0.68%, to finish at 35,730.48, just under its all-time high. 

 

Ford was a standout, as its shares jumped 8.7% for their best day of the year after reporting blockbuster earnings while also raising guidance. The automaker said increased availability of semiconductors during the quarter allowed it to ramp up production. Merck and Caterpillar also moved higher following earnings beats. 

 

Shares of Apple and Amazon, which report after the bell on Thursday, rose 2.5% and nearly 1.6%, respectively, to boost the Nasdaq. Shares of Tesla climbed 3.7%, continuing a strong stretch after last week’s earnings beat. 

 

The move for stocks came despite a disappointing economic report on Thursday. GDP growth for the third-quarter came in at 2.0%, below the 2.8% expected. The reading marks a slowdown from 6.7% growth in the second quarter. 

 

Wall Street was also monitoring events in Washington, where Democrats and President Joe Biden appear to have reached a deal on a $1.75 trillion social spending bill. Negotiations over the bill have held up a vote on a separate infrastructure package. 

 

Stellantis shares fell 1.5% after reporting a 14% slump in third-quarter sales due to the global chip shortage. VW shares were down 4.4% after the automaker cut its deliveries outlook. 

 

Oil giant Shell saw its shares slip over 3% after missing expectations on profit for the quarter. 

 

Source: CNBC, Investing.com