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Closing Bell

Closing Bell: Dow, S&P Hit Record Highs 2/7/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 7 February 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

The S&P 500 nearly topping 5,000 in today’s session. Ritholtz Wealth Management’s Josh Brown and Senior Market Commentator Mike Santoli break down the crucial final moments of trade. Plus, Yardeni Research’s Ed Yardeni drills down on his forecast for stocks as we sit at record highs. And, Laura Martin from Needham tells us what she is watching from Disney’s report in Overtime.

Transcript

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0:00.0

All right, thanks so much. Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange.

0:05.0

This make or break hour begins with the markets march to new highs with some eater, even greater milestones now very much within reach. We are on S&P 5000 watch over this

0:16.6

final stretch today. Coming up we'll ask Josh Brown how far this rally can

0:21.1

really go. In the meantime your scorecard with 60 minutes to

0:24.8

go in regulation stocks are higher as you see across the board. We are just

0:29.8

about two points away from S&P 5000.

0:34.2

Nasdaq's higher by near 1%,

0:36.5

as many of the mega cap names continue to run.

0:39.6

Meta, Microsoft, Invidia, all higher today. In fact, Invidia is on the cusp of $700 a share.

0:48.3

And Cyber Names Ripping 2. That after Fortnet strong earnings report, Not so great for snap shares though.

0:54.8

Plunging today after the company's earnings and guidance, that stock now on pace for

1:00.2

its worst day in nearly two years.

1:03.0

That's a stunning drop of near 36%.

1:05.9

It does take us to our talk of the tape,

1:08.0

the state of this rally,

1:08.9

whether it's too tech heavy,

1:10.0

as some now say it is actually worse than the bubble of 1999.

1:14.1

Let's welcome in Josh Brown, Ritholz Wealth Management Co-founder, CEO also a

1:18.1

C.M.C. contributor, but let's deal with this market on the cusp of history, something extraordinary, I think,

1:24.6

S&P 5000, given where we were and how fast we've come to the doorstep.

1:30.0

Yeah, and just for fun, I went back and looked at when I first launched my blog in November of 2008,

1:37.0

the S&P 500 at that time was like 700.

...

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