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Wall Street Holds Near Records 03/28 09:32
U.S. stocks are holding relatively steady Thursday as Wall Street coasts
into the close of its latest winning month and quarter.
NEW YORK (AP) -- U.S. stocks are holding relatively steady Thursday as Wall
Street coasts into the close of its latest winning month and quarter.
The S&P 500 was virtually flat in early trading after setting an all-time
high the day before. It's roared roughly 10% in this year's first three months.
The only quarter that's been better in the last two years was the one that came
just before.
The Dow Jones Industrial Average was up 26 points, or 0.1%, as of 9:40 a.m.
Eastern time, and the Nasdaq composite was 0.1% lower. Both are also close to
their records.
The stock market has been on a nearly unstoppable run since late October,
with the S&P 500 heading for its fifth straight winning month. It's leaped as
the U.S. economy has remained remarkably solid despite high interest rates
meant to get inflation under control. And with inflation hopefully still
cooling from its peak, the Federal Reserve has indicated it will likely cut
interest rates several times later this year.
Conditions in financial markets could be shaky Thursday, though, as mutual
funds and other big institutional investors look to make their last moves
before they close their books on the first quarter.
The bond market will close early in the afternoon. Both it and the U.S.
stock market will be closed on Friday for Good Friday.
In the bond market, Treasury yields ticked higher following a couple reports
on the economy. One said that the U.S. economy's growth in the final three
months of last year was stronger than earlier estimated. Another one said fewer
U.S. workers applied for unemployment benefits last week, the latest indication
of a solid job market.
The yield on the 10-year Treasury rose to 4.22% from 4.19% late Wednesday.
The yield on the two-year Treasury, which more closely tracks expectations for
the Fed, rose to 4.61% from 4.57%.
On Wall Street, RH jumped 10.5% even though the retailer of home dcor
reported weaker profit and revenue for the latest quarter than analysts
expected. It also indicated demand is trending upward, and it gave a revenue
forecast for the upcoming year that was slightly above analysts' expectations.
Analysts said investors are ready to pounce on signs of a recovery in the
housing market, with interest and mortgage rates expected to come down later
this year.
Chemours fell 12.2% despite reporting better results for the latest quarter
than analysts expected. The company said its board has completed its internal
reviews of accounting issues and found some weaknesses in its internal control
over financial reporting.
In stock markets abroad, Tokyo's Nikkei 225 slumped 1.5% amid speculation
about whether Japanese officials will make moves to support the value of the
Japanese yen.
Movements were more modest across much of the rest of Asia and Europe.
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