Stocks drifted to a mixed close near the all-time highs they set last week. The S&P 500 index edged up 0.2% Wednesday. The Nasdaq composite rose 0.5%, and the Dow Jones Industrial Average edged up less than 0.1%. The majority of stocks in the S&P 500 fell. FedEx helped offset the losses with a gain of 15.5%. The package carrier reported results for its latest quarter that easily beat forecasts.
Amazon.com rose 4.1%, surpassing $2 trillion in market value for the first time. The rise in the e-commerce giant's stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. FedEx helped offset the losses with a gain of 15%. The package carrier reported results for its latest quarter that easily beat forecasts. Rivian soared 21.5% after Volkswagen said it would invest up to $5 billion in the struggling maker of electric vehicles.
The Fed is trying to tame inflation back to its 2% target, but the rate has been sticky. The PCE has been hovering just below 3% for months. The better known consumer price index has been hovering around 3% throughout 2024, though it was as high as 9.1% in the middle of 2022.
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