Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following their tough April.
NEW YORK — The 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.
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.Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough to stifle high inflation but not so much that it causes a bad recession. Yields were holding relatively steady Thursday following some mixed data on the economy.
Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It was up 2.1%.
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