Stock market today: Wall Street drifts around the edge of its record
FILE - People walk past the New York Stock Exchange on March. 21, 2024. World stocks are mixed on Monday, May 13, 2024, after Wall Street coasted to the close of another winning week. U.S. futures and oil prices were higher. (AP Photo/Yuki Iwamura, File)
NEW YORK (AP) — U.S. stocks are drifting around the edge of their record heights on Monday.
The S&P 500 was edging up by 0.1% in midday trading and pulling within 0.5% of its record set at the end of March. The Dow Jones Industrial Average was up 41 points, or 0.1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.3% higher.
Stocks have rallied this month following a rough April on revived hopes that inflation may ease enough to convince the Federal Reserve to cut its main interest rate later this year. A key test for those hopes will arrive Wednesday, when the U.S. government offers the latest monthly update on inflation that households are feeling across the country.
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