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Stock market today: Wall Street drifts around the edge of its record

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NEW YORK (AP) — U.S. stocks are ticking higher Monday and adding to what’s been a solid May following their rough April. The S&P 500 was up 0.2% in early trading and pulling within 0.4% of its record set at the end of March.

NEW YORK — U.S. stocks are ticking higher Monday and adding to what’s been a solid May following their rough April.

Other reports this week include updates on inflation that wholesalers are seeing and sales at U.S. retailers. They could shed light on whether fears are warranted about a worst-case scenario for the country, where stubbornly high inflation forms a devastating combination with a stagnating economy. In the meantime, a stream of stronger-than-expected reports on U.S. corporate profits has also helped to support the market. Companies in the S&P 500 are on track to report growth of 5.4% for their earnings per share in the first three months of the year versus a year earlier, according to FactSet. That would be the best growth in nearly two years.

Worries have been rising about cracks showing in spending by U.S. consumers, which has been one of the bedrocks keeping the economy out of a recession. Lower-income households appear to be under particularly heavy strain because of still-high inflation and higher credit-card rates.

 

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