Stock market today: Wall Street holds steady as market heads toward another winning month

NEW YORK — Stocks are holding relatively steady as Wall Street coasts into the close of its latest winning month and quarter. The S&P 500 was little changed early Thursday after setting an all-time high the day before. It’s roared roughly 10% in the first three months of the year as the market continues a nearly unstoppable run that began last October. The Dow Jones Industrial Average edged up 18 points, and the Nasdaq composite was down 0.1%. Both are also close to their records.

The dollar remained strong against the Japanese yen and Chinese yuan, a trend that has unsettled regulators in both Tokyo and Beijing.On Wednesday, the dollar rose to nearly 152 yen, its lowest level since 1990, and Japanese officials reiterated their desire for stability in exchange rates. Chinese markets recouped losses from the day before. Hong Kong's Hang Seng index gained 0.9% to 16,541.42, while the Shanghai Composite advanced 0.6% to 3,010.66.

Merck climbed 5% after federal regulators approved its treatment for adults with pulmonary arterial hypertension, a rare disease where blood vessels in the lungs thicken and narrow. This week’s highlight for markets may arrive Friday, when the U.S. government releases the latest monthly update on spending by U.S. consumers. It will include the measure of inflation that the Federal Reserve prefers to use as it sets interest rates.

But critics say a broader range of companies will need to deliver strong profit growth to justify the big moves in prices. Progress on bringing inflation down has also become bumpier recently, with reports this year coming in hotter than expected.

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