Stock market today: Wall Street drifts higher, and Dow touches 40,000 for the first time

FILE - An entrance to the New York Stock Exchange is shown on May 8, 2024, in New York. Shares opened lower in Europe on Thursday, May 16, 2024, after most Asian benchmarks gained, tracking a Wall Street rally driven by hopes that inflation is heading back in the right direction. The S&P 500 was up 0.2% in morning trading. Eastern time, and the Nasdaq composite was up 0.2%. All three rallied on Wednesday to set all-time highs.for the latest quarter than analysts expected.

Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following their tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year.Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough to stifle high inflation but not so much that it causes a bad recession.

The yield on the 10-year Treasury was holding steady at 4.35%. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72% late Wednesday.

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