Stock market today: Wall Street rises to pull S&P 500 back within 1% of its record

NEW YORK — U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April. The index climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history.

That could be a sign the economy can pull off a hoped-for balancing act of staying solid enough to avoid a bad recession, but not so strong that it puts upward pressure on inflation. Treasury yields erased earlier gains immediately after the report’s release, indicating expectations for the Federal Reserve to deliver long-sought cuts to interest rates later this year.Equinix jumped 11.9% after reporting stronger profit for the latest quarter than analysts expected.

Airbnb sank 6.5% despite also topping expectations for profit and revenue. It gave a forecasted range for revenue in the current quarter whose midpoint fell short of analysts’. It said an earlier Easter pulled more of its business this year into the first quarter from the second quarter.

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