Stock market extends record highs as S&P 500 sets record 5 days in a row; Reddit Planning IPO Launch In March, Report Says.

As the week concludes, U.S. stocks are maintaining their position near record levels on Friday, with Wall Street poised to conclude its 12th winning week out of the last 13.

In afternoon trading, the S&P 500 experienced a marginal 0.2% decline after achieving record highs for five consecutive days. The Dow Jones Industrial Average showed a modest increase of 18 points or 0.1% by 2:25 p.m. Eastern time, while the Nasdaq composite exhibited a 0.4% decrease.

Despite Intel's chip company reporting stronger profits for the last three months of 2023 than analysts had anticipated, a significant drop of 12.1% was exerting downward pressure on the market. The company's forecasts for revenue and profit at the beginning of 2024 fell short of Wall Street's expectations.

Visa also experienced a decline of 1.7%, despite posting better-than-expected results. While analysts considered the figures solid, concerns arose as the company highlighted some slowing trends in January.

Nevertheless, the U.S. stock market is concluding another positive week, fueled by reports suggesting a cooling inflationary environment and a robust economy. This unexpected scenario has sparked optimism about the possibility of a dream scenario on Wall Street, where a resilient economy boosts company profits, and moderated inflation prompts the Federal Reserve to cut interest rates multiple times throughout the year.

With the S&P 500 at a record high, strategists warn against a valuation 'trap'.

Reddit Aims for 2024 IPO at $15B Valuation

Reddit is gearing up for its initial public offering in March, as reported by Reuters. This move marks the culmination of a three-year endeavor by the social media platform to go public. Reddit has faced challenges in navigating a fluctuating IPO market, grappling with issues related to advertising revenue, and making a contentious decision to levy charges on other companies for access to its data. Despite these hurdles, the platform is set to join the public market in March.

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