
NEW YORK — U.S. stocks ticked higher Thursday to set more records as further evidence piled up to show the job market remains remarkably solid.
The S&P 500 inched up by 2.85 points, or 0.1%, to 4,997.91. The Dow Jones Industrial Average also set an all-time high after edging up by 48.97, or 0.1%, to 38,726.33. The Nasdaq composite gained 37.07, or 0.2%, to 15,793.71.
During the day, the S&P 500 briefly topped the 5,000 level for the first time. Such milestones don’t mean much in a market that’s supposed to be dictated by math and dollars and cents. But it can offer a psychological boost for a market that can often move on emotion as well.
“It is a great reminder of how far we’ve come, and it wasn’t that long ago that everyone on TV was telling us about a near certain bear market and recession,” said Ryan Detrick, chief market strategist at Carson Group.
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The U.S. economy has blown past earlier expectations for a recession, and the latest show of strength came from a report indicating fewer workers applied for unemployment benefits last week than expected. The number remains low relative to history, even if layoffs at Google’s parent company, Macy’s and other big-name companies have been getting attention recently.
In prior months, such a report may have hurt the stock market because of concerns that it would mean a longer wait for cuts to interest rates from the Federal Reserve. But investors have been coming around to the idea that good news on the economy is good for stocks because it will drive profits for companies.
PayPal’s stock fell 8% in after-hours trading following its fourth-quarter earnings report, as guidance for its first quarter and full-year outlook came in below analyst estimates. Fourth-quarter revenue of $8.03 billion rose 9% year-over-year and topped estimates, while adjusted EPS of $1.48 also beat expectations. The company is undergoing a transformation to drive future growth, including job cuts and new AI tools. PayPal’s CEO said guidance reflects the time needed for new initiatives to scale and impact financials.
Earnings reports
The latest set of earnings reports from big U.S. companies also kept the stock market mixed overall.
The Walt Disney Co. jumped 11.5% after it reported stronger profit for the latest quarter than analysts expected. It benefited from cost cuts and growth at its theme parks.
Ralph Lauren was another winner, rising 16.8% after its profit and revenue topped Wall Street’s forecasts. It said it saw strong holiday sales around the world, led by Asia.
U.S.-listed shares of Arm Holdings, a U.K.-based semiconductor company, soared 47.9% after it also topped analysts’ expectations.
Helping to offset those gains was PayPal, which slumped 11.2% even though it reported stronger profit than expected. It gave a forecast for expected profit across 2024 that fell short of analysts’ expectations.
S&P Global was also one of the heavier weights on the S&P 500 and fell 5% after reporting weaker profit for the latest quarter than analysts expected.
Bank zigzags again
New York Community Bancorp had another sharp zigzag day and went from an early loss of nearly 10% to a gain and back to a loss of 6.5%. Its stock has dropped nearly 60% since it shocked investors across the banking industry with a surprise loss last week, and Moody’s cut its credit-rating to “junk” status earlier this week.
Analysts have said its problems are specific to it, particularly as it absorbs the purchase of much of Signature Bank, which was one of the banks that fell in last year’s mini-crisis for the industry. But worries remain high about a problem that’s affecting banks worldwide: weakness in commercial real estate.
Stocks of other regional banks have also swung sharply lately, reanimating uncomfortable memories of last year’s banking crisis. The KBW Nasdaq Regional Banking index flipped between gains and losses through the day before finishing 0.3% higher.
In the bond market, the yield on the 10-year Treasury rose to 4.14% from 4.12% late Wednesday.
Traders have taken heed of warnings from the Federal Reserve that its first cut to rates following years of rapid hikes won’t come soon, which has pushed the yield up this month.
Traders still expect rate cuts to come, just later in the year than they were hoping before. The Fed has said it doesn’t want to overdo high rates, which would create unnecessary pain for the economy. Traders are largely betting on the first cut coming in either May or June, after earlier hoping for March, according to data from CME Group.
Stock markets abroad
Indexes were mostly higher in Asia and Europe.
Stocks climbed 1.3% in Shanghai after China replaced its top stock market regulator late Wednesday with an industry veteran nicknamed the “broker butcher,” analysts say, due to his record for cracking down on market abuses such as insider trading. Stocks fell 1.3% in Hong Kong, though.
Beijing is struggling to prop up what have been some of the world’s worst-performing markets this year.
Small business industries that are itching to hire
Small business industries that are itching to hire

Individuals looking for work may want to search beyond well-known corporations and include small businesses in their job search. Many small businesses are actively on the hunt for employees. In fact, according to a report by the National Federation of Independent Business, 40% of small business owners have job openings they need to—and want to—fill.
Next Insurance used survey data from the National Federation of Independent Business to identify the industries where the highest shares of small businesses are hiring. The NFIB survey was conducted in December 2023 among a random sample of 10,000 small business owners who are federation members, of which 518 responded.
The highest number of businesses with job openings for that period were in construction and transportation, the NFIB survey shows. Businesses involved in agriculture and finance had the fewest number of owners reporting open positions. Part of the difficulty small business owners face is finding qualified applicants, with 33% seeking skilled workers.
Many owners plan to draw in more applicants by increasing compensation for these open positions—a trend that has continued post-COVID. The Chamber of Commerce recommends small businesses offer flexible work schedules and employee wellness discounts, for example, to remain competitive. These new benefits are meant to enhance the compensation that many business owners already offer, such as health benefits and PTO.
Another NFIB report found that 9 in 10 businesses hiring or trying to hire had few or no qualified applicants. Those interested in construction or transportation—among the other industries most hiring—may find the right fit with a small business.
In many industries, small businesses struggle to hire and retain employees.
Transportation and construction businesses are most eager to hire

Transportation and construction are two sectors of small businesses seeking skilled workers. Some of these businesses help train prospective workers through education programs and apprenticeships.
The transportation industry will need to hire a younger workforce in order to keep positions filled. The U.S. Department of Transportation noted at the 2022 year-end review that approximately one-quarter (24%) of transportation workers were over the age of 55. Additionally, almost half (42.7%) of transit workers are over 55.
As these employees retire, younger workers will need to take their place. Transportation companies are also increasing their labor force. HireRight’s 2022 U.S. Transportation Spotlight Report lists “online job boards, employee referrals, and social media” as the most effective methods to connect transportation businesses with prospective employees.
The construction industry provides another opportunity for workers seeking employment with small businesses. A Feb 2023 article by Associated Builders and Contractors stated that in 2024, 342,000 additional workers will need to be hired on top of the annual hiring figures in order to meet industry demand.
Older workers continue to age out of the industry, spurring efforts to make more accessible training and apprenticeship programs. For instance, in 2021, members of ABC invested $1.6 billion to educate people interested in construction.
Story editing by Shannon Luders-Manuel and Jeff Inglis. Copy editing by Paris Close.
This story originally appeared on Next Insurance and was produced and distributed in partnership with Stacker Studio.