U.S. stock markets closed higher on Friday, the first trading day of March, maintaining the momentum of the first two months of 2024. Market participants were assessing strong earnings results. All three major stock indexes ended in positive territory. However, the last week was a mixed one for the U.S. stock markets.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) was up 0.2% to close at 39,087.38. Notably, 16 components of the 30-stock index ended in positive territory and 14 ended in negative zone. The blue-chip index is currently 0.5% below its all-time high recorded on Feb 23.
The tech-heavy Nasdaq Composite finished at 16,274.94, rising 1.1% or 183.02 points due to strong performance by technology bigwigs. The tech-laden index has recorder a new all-time high in 2024 and has joined the bull market with its peers.
The S&P 500 gained 0.8% to finish at 5,137.08. Wall Street’s benchmark posted its first closing above 5,100 in its history. In the intraday trading, the index posted a new all-time high of 5,140.33. Nine out of 11 broad sectors of the broad-market index ended in positive territory while two in negative zone.The Health Care Select Sector SPDR (XLV), the Technology Select Sector SPDR (XLY), the Energy Select Sector SPDR (XLE) and the Real Estate Select Sector SPDR (XLRE) advanced 1.1%, 1.8%, 1.2% and 1.1%, respectively.The fear-gauge CBOE Volatility Index (VIX) was down 2.2% to 13.11. Advancers outnumbered decliners on the NYSE by a 2.29-to-1 ratio. On Nasdaq, a 1.55-to-1 ratio favored advancing issues. The S&P 500 posted 87 new 52-week highs and 2 new 52-week lows while the Nasdaq recorded 363 new 52-week highs and 88 new 52-week lows.
Strong Earnings Results
Dell Technologies Inc. DELL reported non-GAAP earnings of $2.20 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate by 27.17%. The bottom line increased 22% year over year. Revenues, on a non-GAAP basis, declined 11% year over year to $22.3 billion and beat the consensus mark by 0.84%.
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