Stocks close higher Thursday, S&P 500 snaps four-day losing streak
Stocks closed higher amid volatile trading Thursday as investors remained concerned about the path of the Federal Reserve’s rate hikes. The S&P 500 gained 0.53% to close at 4,012.32 and snap a four-day losing streak. The Dow Jones Industrial Average gained 108.82 points, or 0.33%, closing at 33,153.91. The Nasdaq Composite rose 0.72%, ending the session at 11,590.40.
Nvidia — The chip stock spiked 12% after Nvidia topped expectations on the top and bottom lines in its most recent quarter. Wall Street analysts approved of the results, saying AI opportunities will drive growth for the chipmaker.
Lucid Group — The electric vehicle maker tumbled more than 18% after posting fourth-quarter revenue that fell short of analysts’ expectations. Bank of America also downgraded the stock to neutral from a buy rating, citing near-term demand concerns.
Shares of Netflix were under pressure on Thursday after the Wall Street Journal reported that the company was cutting prices in over 30 countries.
Economic growth wasn’t as strong as originally thought as 2022 came to a close, the Commerce Department reported Thursday.
Gross domestic product increased 2.7% at an annualized pace in the fourth quarter, down from the initial 2.9% estimate. Economists surveyed by Dow Jones had not been expecting a change in the first revision.
French hospitality group Accor ticked slightly higher as its full-year results showed its operating profit grew from 53 million euros ($56 million) to 543 million euros.
Source: CNBC, Investing.com