Stock market today (May 22, 2024): Wall Street drifts higher to set more records

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NEW YORK — U.S. stock indexes drifted higher Tuesday to set more records following another quiet day of trading. The S&P 500 rose 13.28 points, or 0.3%, to 5,321.41 and surpassed its record set last week. The Nasdaq composite added 37.75, or 0.2%, to 16,832.

NEW YORK — U.S. stock indexes drifted higher Tuesday to set more records following another quiet day of trading.

That helped offset a 3.7% drop for Palo Alto Networks. The cybersecurity company delivered a better profit report than expected, but it gave a forecasted range for revenue in the current quarter whose midpoint was a hair below analysts’ expectations. Rates for mortgages, credit cards and other payments have become more expensive because the Federal Reserve has been keeping its main interest rate at the highest level in more than two decades. It’s trying to pull off a tightrope walk where it grinds down on the economy just enough through high interest rates to snuff out high inflation but not so much that it causes a painful recession.

 

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