U.S. stock indexes drifted to a mixed finish Monday, hanging near their record heights.
The Standard & Poor's 500 index edged down by 1.26 points, or less than 0.1%, to 5,221.42 after flipping between small gains and losses through the day. It remains within 0.6% of its record set at the end of March. The Dow Jones industrial average slipped 81.33 points, or 0.2%, to 39,431.51, and the Nasdaq composite rose 47.37 points, or 0.3%, to 16,338.24. Biopharmaceutical company Incyte jumped 8.6% after saying it would buy back up to $2 billion of its stock.
Hopes have climbed that the economy can avoid what’s called “stagflation” and hit the bull’s eye where it cools enough to get inflation under control but stays sturdy enough to avoid a bad recession. Fed Chair Jerome H. Powell also gave financial markets comfort when he recently said the Fed remains closer to cutting rates than to raising them, even if inflation has remained hotter than forecast this year.
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