S&P 500, Nasdaq Edge Up to New Highs

Southwest Airlines jumps 7%
By Newser Editors and Wire Services
Posted Jun 10, 2024 3:32 PM CDT
S&P 500, Nasdaq Edge Up to New Highs
The New York Stock Exchange is shown on May 21, 2024.   (AP Photo/Peter Morgan, File)

US stocks drifted to a slightly higher close Monday ahead of a week with several top-tier reports on inflation due, as well as the Federal Reserve's latest meeting on interest rates.

  • The S&P 500 rose 13.80 points, or 0.3%, to 5,360.79 , topping the record it set last week.
  • The Dow Jones Industrial Average rose 69.05 points, or 0.2%, to 38,868.04.
  • The Nasdaq composite rose 59.40 points, or 0.3%, to 17,192.53, a new all-time high.
Energy stocks rose as oil prices regained some of their sharp losses. European stocks fell following surprise results in elections for the European Parliament.

Southwest Airlines flew to one of the market's biggest gains, up 7%, after Elliott Investment Management said it's taken a $1.9 billion ownership stake in the company and is pushing for new leadership to modernize the carrier's software, strategy, and operations, the AP reports. Diamond Offshore Drilling jumped 10.9% after Noble agreed to buy its rival in a cash-and-stock deal valued at roughly $1.6 billion. Noble added 7.8% in a signal that traders expect the combination to be a winner.

Huntington Bancshares dropped 6.1% for one of the market's largest losses after cutting its forecast for a key component of profit this year. Apple fell 1.9% following a highly anticipated conference where it showed how its operating systems will use ChatGPT to offer services using artificial-intelligence technology

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At the end of the week will come a report showing how much inflation US households are girding for in the future. The Federal Reserve closely watches the measure, hoping to avoid a vicious cycle where expectations for high inflation lead to behavior that causes even worse inflation. On Wednesday, the Federal Reserve will announce its latest decision on interest rates. Virtually no one expects it to move its main interest rate then. But policymakers will be publishing their latest forecasts for where they see interest rates and the economy heading in the future.

(More stock market stories.)

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