NEW YORK, Feb 8 — US stocks opened little changed today as strong Disney results bolstered the prospects for the S&P 500 hitting the 5,000 threshold.
Shares of the entertainment giant rocketed up nearly nine per cent as Disney reported better-than-expected profits, disclosed it is buying a stake in Fortnite-maker Epic Games and announced a dividend hike and new share repurchase program.
The Disney results follow good earnings this week from Caterpillar, Chipotle and other companies that have produced a string of records in recent weeks.
About 20 minutes into trading, the Dow Jones Industrial Average was essentially flat at 38,669.55.
The broad-based S&P 500 dipped 0.1 per cent to 4,992.42, while the tech-rich Nasdaq Composite Index added 0.1 per cent at 15,764.58.
British chip designer Arm surged more than 40 per cent as it boosted its forecast in light of robust demand for “all things” artificial intelligence. — AFP
