Stock market today: Wall Street rises to pull S&P 500 back within 1% of its record
U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April
NEW YORK — U.S. stocks rose Thursday to pull the S&P 500 back within 1% of its record following a rough April.
The S&P 500 rose 26.41 points, or 0.5%, to 5,214.08. The Dow Jones Industrial Average gained 331.37, or 0.8%, to 39,387.76, and the Nasdaq composite added 43.51, or 0.3%, to 16,346.26.
A report showing a pickup in layoffs helped to support the market. The number of workers applying for unemployment benefits rose by more last week than economists expected, though it remains relatively low compared with history.
That could be a sign the economy can pull off a hoped-for balancing act of staying solid enough to avoid a bad recession, but not so strong that it puts upward pressure on inflation. Treasury yields erased earlier gains immediately after the report’s release, an indication of expectations for the Federal Reserve to deliver long-sought cuts to interest rates later this year.
Elsewhere on Wall Street, some stocks swung sharply following their latest earnings reports.
Equinix jumped 11.5% after reporting stronger profit for the latest quarter than analysts expected. The company, which runs data centers around the world, also said an independent investigation led by its board found no accounting inconsistencies or errors that would require financial restatements. Earlier, an investment firm had accused it of “major accounting manipulation.”
Yeti Holdings rose 12.8% after reporting better profit for the latest quarter than expected thanks to stronger sales for its drinkware and coolers and equipment. It also raised its forecast for full-year earnings per share. Like other companies, it's plowing cash into buying back
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