Stock market today: Wall Street hangs around its records after Dow briefly tops 40,000

NEW YORK — U.S. stocks drifted to a mixed close near their record levels after the Dow Jones Industrial Average briefly topped the 40,000 level for the first time. The Dow ended with a loss of 0.1% Thursday. The S&P 500 index, which is much more widely followed on Wall Street, slipped 0.2%. The Nasdaq composite fell 0.3%. All three indexes set records on Wednesday amid revived hopes that cooling inflation will allow the Federal Reserve to cut its main interest rate this year.

Walmart was one of the strongest forces lifting the market, and it rose 7.2% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given. Chubb climbed 4.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

Treasury yields have largely eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields rose Thursday following some mixed data on the economy. The yield on the 10-year Treasury ticked up to 4.37% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.79% from 4.72%.

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