The Dow rose 134.21 points, or 0.3 per cent, to 40,003.59, a day after briefly topping the 40,000 level for the first time. It and other indexes on Wall Street have been climbing since the autumn of 2022 as the US economy and corporate profits have managed to hold up despite high inflation, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
On the losing end were GameStop and AMC Entertainment, which gave back more of their massive gains from the beginning of the week.GameStop dropped 19.7 per cent to trim its gain for the week to 27.2 per cent after it said it expects to report a loss of up to $US37 million for the three months through May 4. It also said it could sell up to 45 million shares of stock in order to raise cash.
This week was a good one for markets broadly after a report rekindled hopes that inflation is finally heading back in the right direction after a discouraging start to the year. That in turn revived hopes for the Federal Reserve to cut its main interest rate at least once this year. Of course, now that a growing percentage of traders are betting on the Fed cutting rates two times this year, if not more, some economists are cautioning the optimism may be going too far. It’s something that happens often on Wall Street.
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