Stock market today: Dow ekes out a record while weakness in tech pulls other indexes lower

NEW YORK — The Dow Jones Industrial Average edged up to another record high while declines in tech stocks pulled other indexes lower. The Dow added 0.3% Friday. The S&P 500 slipped 0.1%, a day after setting an all-time high for the 42nd time this year. The Nasdaq composite gave back 0.4%. The market closed out another winning week as hopes hold that the economy can pull off the feat of getting painfully high inflation under control without a recession.

For more than a year, Fed had been keeping its main interest rate at a two-decade high in hopes of slowing the economy enough to drive inflation down toward its 2% target. Now that inflation has eased substantially from its peak two summers ago, the Fed has begun cutting rates to ease conditions for the slowing job market and prevent a recession.

The boost that lower interest rates can give to the economy through cheaper loans to buy homes, cars and things on credit cards, meanwhile, can take longer to come to fruition, “so consumption spending will likely get squeezed,” said Brian Jacobsen, chief economist at Annex Wealth Management. Another company that depends on people spending money, ski-resort operator Vail Resorts, sank 3.6% after reporting a larger loss for the latest quarter than analysts expected. Scant snowfalls at its Australian resorts hurt its results, and it gave a forecast for profit in its upcoming fiscal year that fell short of forecasts.

A Florida firm owned by former contestants on “The Apprentice” has dumped nearly all of its 5.5% ownership stake in TMTG, which owns former president Donald Trump’s Truth Social platform, according to a filing made with U.S. regulators on Thursday.

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