Stock market today: Wall Street rises to the edge of records as its momentum keeps rolling

NEW YORK — U.S. stocks ticked to the edge of records as Wall Street’s momentum keeps pushing it upward. The S&P 500 climbed 0.3% Monday but finished just shy of its all-time high set last week. The Dow Jones Industrial Average rose 0.5% to its own record, while the Nasdaq composite added 0.4% to end a bit short of its high. Some of the market’s best performing areas were ones that do best when former President Donald Trump’s chances for re-election look better.

Some of the market’s best performing areas were ones that do best when former President Donald Trump’s chances for election look better. Trump Media & Technology Group, the company behind Trump’s Truth Social platform, leaped 36.5%. Bitcoin rose back above $63,000 after Trump, who has painted himself as a crypto-friendly candidate, survived an assassination attempt over the weekend.

Stocks of big financial companies, which could benefit from a lighter regulatory touch from a Republican administration, were also helping to lead the market. JPMorgan Chase climbed 2.7% and was one of the strongest forces pushing the S&P 500 higher. Such forecasts have been one of the forces pushing U.S. stocks toward records. So have encouraging reports on inflation, which have shown enough of a slowdown for much of Wall Street to expect the Federal Reserve will begin cutting its main interest rate in September.

Despite the seemingly unstoppable run for the U.S. stock market, some skeptics are sticking with their caution amid what they see as too-expensive prices. The S&P 500 has already leaped more than 18% this year and set an all-time high 37 times. On Wall Street, U.S.-listed shares of Burberry skidded 16.1% after the British luxury fashion house said it has appointed Joshua Schulman, formerly head of Michael Kors and Coach, as its new chief executive officer. Schulman, 52, replaces Jonathan Akeroyd.

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