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

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Wall Street News

Dow Jones Industrial Average,S&P 500,Nasdaq

U.S. stocks are drifting around their record levels Thursday after the Dow Jones Industrial Average briefly topped the 40,000 level for the first time.

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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