Stock market today: Wall Street adds slightly to its record highs

NEW YORK — U.S. stock indexes added slightly to their record highs in relatively subdued trading on Wall Street. The S&P 500 rose 0.3% Monday, beating the all-time high it set on Thursday. The benchmark index is coming off its fifth winning week in the last six. The Dow Jones Industrial Average added 0.1% to its own record set Friday. The Nasdaq composite rose 0.1%. Treasury yields held relatively steady after a report suggested U.S.

Financial markets have been romping higher after the Federal Reserve last week cut its main interest rate for the first time in more than four years by an unusually large amount. The hope is that as it continues to cut interest rates, the boost given to the U.S. economy through lower rates for car loans, mortgages and other borrowing will help it avoid a recession.

The overall figures suggest a U.S. economy that's still growing at a healthy rate, according to Chris Williamson, chief business economist at S&P Global Market Intelligence."But there are some warning lights flashing, notably in terms of the dependence on the service sector for growth, as manufacturing remained in decline, and the worrying drop in business confidence.”

Such economic reports, particularly on the job market, are taking top priority on Wall Street because the main fear is now a slowdown in the job market. It’s a notable shift from prior years, when the most attention was on anything related to inflation.

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