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Dow ends higher for 6th session, but Treasury yields pressure market

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The Dow Jones Industrial Average ended higher on Wednesday, stretching its winning streak to six straight and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive U.S. monetary policy.

A trader works inside a booth, as screens display a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange in New York City, U.S., May 1, 2024. REUTERS/Stefan Jeremiah/File PhotoUtilities index up for 14th session in last 16May 8 -

"I think traders are reluctant to take broader stocks or broader averages higher, until they get a fresh update on inflation," he added. The ride-hailing platform fell 5.7%, was among the S&P 500's biggest decliners, after it forecast second-quarter gross bookings would not meet expectations.fell 1.7% after Reuters reported U.S. prosecutors were examining whether the company committed securities or wire fraud by misleading investors and consumers about self-driving capabilities of its electric vehicles.

 

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