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

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The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before.

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.

Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation, even if it’s not as bad as before, and more expensive credit-card payments, “Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

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