US Dow closes above 40k

US stocks moved mostly higher on Friday, 17 May 2024, with the Dow and the S&P500 indexes settling higher after spending the day bouncing back and forth across the unchanged line as investors continued to recalibrate their rate-cut expectations following data showing a slowdown in inflation, while the NASDAQ closed marginally in negative territory as some investors opted to secures profit after the major averages reached new record highs.

At closing bell, the Dow Jones Industrial Average index advanced 134.21 points, or 0.34%, to 40,003.59. The S&P500 index climbed up 6.17 points, or 0.12%, to 5,303.27. The tech-heavy Nasdaq Composite index decreased by 12.35 points, or 0.07%, to 16,685.97. For the week, the Nasdaq surged by 2.1%, while the S&P 500 jumped by 1.5% and the Dow shot up by 1.2%.

Total 8 of 11 S&P500 sectors closed higher along with S&P500 index. Energy sector was top performer, rising 1.37%, while information technology was bottom performer, falling 0.48%.

Shares of Reddit moved higher after the social media company announced a partnership with OpenAI.

Shares of GameStop plunged after the video game retailer forecast a decrease in first quarter sales and revealed plans to sell up to 45 million class A common shares.

ECONOMIC NEWS: Conference Board released a report showing leading economic index fell by 0.6 percent in April after dipping by 0.3 percent in March.

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