The Dow Jones topped the 40,000 level for the first time as US stocks drifted around their records set a day before.
The Dow was up 58 points, or 0.2 per cent, at 39,966, in late afternoon trading. It topped 40,000 earlier in trading, making its last leap of 10,000 points in about three and a half years, as the US economy and corporate profits crawled out of the crash caused COVID-19. They’ve continued to hold up so far despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
Stronger-than-expected profit reports have been one of the main reasons US stock indexes jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades.
“Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. Homebuilders fell following the weaker-than-expected report on housing starts. They gave back some of their big gains the day before, when hopes for lower mortgage rates had sent them sharply higher. Lennar fell 2.1 per cent, and D.R. Horton slipped 2.5 per cent.GameStop and AMC Entertainment slid for a second straight day, pulling back further from their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects.
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