Stock market today: Wall Street barely budges as S&P 500 remains just shy of its record
U.S. stocks drifted to a mixed finish, remaining near their record heights
NEW YORK — U.S. stock indexes drifted to a mixed finish Monday, hanging near their record heights.
The S&P 500 edged down by 1.26, or less than 0.1%, to 5,221.42 after flipping between small gains and losses through the day. It remains within 0.6% of its record set at the end of March.
The Dow Jones Industrial Average slipped 81.33 points, or 0.2%, to 39,431.51, and the Nasdaq composite rose 47.37, or 0.3%, to 16,338.24.
Biopharmaceutical company Incyte jumped 8.6% after saying it would buy back up to $2 billion of its stock. It’s the latest big company to say it’s returning cash to shareholders through such purchases, which boost the amount of earnings that each remaining share is entitled to.
GameStop soared 74.4% in a swing reminiscent of its maniacal moves from three years ago, when hordes of smaller-pocketed investors sent the stock’s price way above what many professional investors considered rational.
One believer in particular, nicknamed Roaring Kitty, helped lead that charge, and a post on a social media account linked to him stirred more adrenaline. Within the first 70 minutes of trading on Monday, trading of GameStop’s stock was temporarily halted nine times because its price was swinging so sharply.
On the losing end was Fortrea Holdings, a provider of clinical trial management and other services for the life sciences industry. It fell 14.9% after reporting weaker results for the first three months of the year than analysts expected. It also gave a forecast for revenue over the full year that was below analysts’ expectations.
Stocks have broadly rallied this month following a rough April on revived hopes that inflation may ease
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