Wall St. climbs to the edge of another milestone as S&P 500 nears 5,000

NEW YORK — Wall Street rose to the edge of another record-breaking milestone Wednesday as Ford Motor, Chipotle Mexican Grill and other big stocks climbed following their latest earnings reports.

The S&P 500 got within a fraction of a point of the 5,000 level before ending the day at 4,995.06. The index rose 40.83 points, or 0.8%, to set another all-time closing high.

The Dow Jones Industrial Average added 156.00 points, or 0.4%, to 38,677.36, and the Nasdaq composite gained 147.65, or 0.9%, to 15,756.64.

A relatively calm day in the bond market helped keep things smooth for the stock market, despite some concerns about investors’ ability to digest a $42 billion auction of 10-year Treasurys by the U.S. government.

Underneath the surface, though, were still some very sharp moves. New York Community Bancorp went from an initial gain to a steep loss of 14% and back to a gain of 6.7%. It’s the latest dizzying swing for the bank, which is still down by more than half since rattling investors across the industry last week with a surprise loss.

The bank is struggling with challenges related to its acquisition of Signature Bank, which was one of the banks that collapsed in last year’s mini-crisis for the industry. But New York Community Bancorp is also feeling pain from a problem dogging all kinds of banks worldwide: weakness in commercial real estate.

Moody’s downgraded the bank’s credit rating to “junk” status from the lowest tier of investment-grade. Analysts also said they were concerned about the recent departures of key risk and audit executives. In response, the bank said it had increased its deposits and gave details about how much cash it has on hand.


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