Stock market today: Dow finishes above 40,000 to cap Wall Street’s latest winning week
The Dow Jones Industrial Average finished a day above the 40,000 level for the first time as U.S. stock indexes drifted around their record heights to close their latest winning week
NEW YORK — The Dow Jones Industrial Average finished a day above the 40,000 level for the first time on Friday as U.S. stock indexes drifted around their records while closing out their latest winning week.
The Dow rose 134.21 points, or 0.3%, to 40,003.59, a day after briefly topping the 40,000 level for the first time. It and other indexes on Wall Street have been climbing since the autumn of 2022 as the U.S. economy and corporate profits have managed to hold up despite high inflation, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
The S&P 500, which is the much more important index for Wall Street and most retirement savers, added 6.17 points, or 0.1%, to 5,303.27. It finished just 0.1% shy of its record set on Wednesday and closed out a fourth straight week of gains. The Nasdaq composite slipped 12.35 points, or 0.1%, to 16,685.97.
Despite the placid movements for indexes, some feverish action was roiling underneath. Reddit jumped 10% after announcing a partnership where OpenAI will bring the social-media company’s content to ChatGPT and become an advertising partner, among other things. Wall Street’s frenzy around artificial-intelligence technology has continued to build despite some warnings of a potential bubble.
On the losing end were GameStop and AMC Entertainment, which gave back more of their massive gains from the beginning of the week.
GameStop dropped 19.7% to trim its gain for the week to 27.2% after it said it expects to report a loss of up to $37
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