Stock market today: Wall Street drifts near its record levels as markets remain calm
U.S. stocks are drifting near record levels as they head for the final stretch of what looks to be their latest winning month
NEW YORK — U.S. stocks are drifting near record levels Monday as they head for the final stretch of what looks to be their latest winning month.
The S&P 500 was virtually flat in morning trading after closing last week at an all-time high. The Dow Jones Industrial Average was up 59 points, or 0.2%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.2% higher.
Berkshire Hathaway was swinging after Warren Buffett’s company reported stronger results for the end of 2023 than analysts expected. Class-B shares of the company, whose subsidiaries include GEICO, Fruit of the Loom and Brooks running shoes, initially jumped more than 3% but later fell back to a loss of 0.5%.
The famed investor warned shareholders not to expect any more “eye-popping performance” because there are no bargains available in the market of big enough size to make a meaningful difference. Buffett is notorious for buying companies when they’re cheap.
That follows broader criticism from some financial analysts that prices all along Wall Street have gone too high in its big run since Halloween.
The S&P 500 is on track to close out its fourth straight winning month and is coming off its 15th winning week in the last 17. And the stock market may not have been cheap even when it bottomed out in October 2022. That marked the priciest bear-market low in history, according to some measures of stock prices against corporate earnings, says Doug Ramsey, chief investment officer of Leuthold.
This recent rally got going last October amid hopes that inflation is cooling enough for the Federal Reserve to cut interest rates several
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