Stock market today: Wall Street rises to pull S&P 500 back within 1% of its record

NEW YORK — U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April. The index climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history.

That could be a sign the economy can pull off a hoped-for balancing act of staying solid enough to avoid a bad recession, but not so strong that it puts upward pressure on inflation. Treasury yields erased earlier gains immediately after the report’s release, indicating expectations for the Federal Reserve to deliver long-sought cuts to interest rates later this year.Equinix jumped 11.9% after reporting stronger profit for the latest quarter than analysts expected.

Airbnb sank 6.5% despite also topping expectations for profit and revenue. It gave a forecasted range for revenue in the current quarter whose midpoint fell short of analysts’. It said an earlier Easter pulled more of its business this year into the first quarter from the second quarter.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Dow pops for 7th straight day as S&P 500 climbs back above 5,200Stocks have lost their bounce after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500 rises for 4th day, Disney sinks 9% after earningsResults from Disney took center stage as the media giant posted the first profit for a key part of its streaming business.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Stocks climb as S&P 500 notches best 3-day run of 2024Stocks rallied at the end of last week, getting a boost from a 'Goldilocks' jobs report.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500 futures slide with Fed's Powell in the spotlightFed day arrives with the focus on what clues Powell will offer to the chances for rate cuts this year.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »