Breaking News | Stocks are flat as Dow approaches 40,000
CNBC 16/05/2024 21:32

Stocks were little changed Thursday, as the Dow Jones Industrial Average $Dow Jones Industrial Average DJI$ tried to reach a key milestone.

Shares of Walmart $Wal-Mart Stores, Inc. WMT$ were up more than 4% after the retailer reported better-than-expected quarterly results.

The three major averages closed at records on Wednesday, with the S&P 500 breaking above 5,300 for the first time.

That performance was helped by the April reading of the consumer price index, a broad measure of how much goods and services cost at the cash register, which increased 0.3% from the prior month. That was slightly below the Dow Jones estimate of 0.4%. Consumer prices still grew 3.4% from a year ago.

“The market is recognizing that the inflation dynamics look favorable,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, told CNBC. “Combine that with some of the takeaways from the earnings season, which were pretty healthy earnings and favorable outlooks overall.”


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