Stock market: Wall Street hangs around its records after Dow briefly tops 40K

by STAN CHOE AP | Business WriterFILE - An entrance to the New York Stock Exchange is shown on May 8, 2024, in New York. Shares opened lower in Europe on Thursday, May 16, 2024, after most Asian benchmarks gained, tracking a Wall Street rally driven by hopes that inflation is heading back in the right direction.

Walmart was one of the strongest forces lifting the market, and it rose 7.2% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given. Chubb climbed 4.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

Treasury yields have largely eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields rose Thursday following some mixed data on the economy. The yield on the 10-year Treasury ticked up to 4.37% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.79% from 4.72%.

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Stock market today: Dow tops 40,000 for the first time as Wall Street drifts higherThe Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before.
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Stock market today: Wall Street rallies to records after inflation slowsU.S. stocks rallied to records on hopes that inflation is heading back in the right direction
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high. U.S. futures and oil prices also gained. Markets in Hong Kong and Seoul were closed for holidays. Investors were reviewing a mixed report on inflation and awaiting an even more important update on consumer prices later Wednesday.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high.
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