Stocks tick upward, see indexes hit new highs

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.

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.

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.