Stock Market Notches a Milestone, Then Retreats

S&P 500 hits 5,500 for the first time, before falling back
By Newser Editors and Wire Services
Posted Jun 20, 2024 3:27 PM CDT
Stock Market Notches a Milestone, Then Retreats
Trader Michael Capolino, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Wednesday, June 12, 2024.   (AP Photo/Richard Drew)

The Dow had a decent day on Thursday, but the benchmark S&P 500 fell back from a record high:

  • The Dow rose 299 points, or 0.7%, to 39,134.
  • The S&P 500 fell 13 points, or 0.2%, to 5,473. However, the index reached 5,500 for the first time before retreating, per CNBC.
  • The tech-focused Nasdaq fell 140 points, or 0.7%, to 17,721.

Nvidia gave up an early gain and fell about 3%, taking a breather from its recent winning streak. The chip company has been the main beneficiary of Wall Street's frenzy around artificial-intelligence technology, and it supplanted Microsoft on Tuesday to become the most valuable company in the market, per the AP. Also Thursday: Winnebago Industries, which has been introducing "economical" trailers to attract customers, declined 3% after profit and revenue for the latest quarter fell short of expectations. And in a show of how powerful AI can be, Accenture rose 7% even though the consulting and professional-services company reported weaker profit and revenue for the latest quarter than expected.

The supernova for AI stocks has helped mask some weakness underneath the surface in the market. That can be a worrying signal for market watchers, who would prefer to see a large number of companies pushing the market higher instead of just a handful. "It has been common in past cycles, as the stock market is coming into a meaningful top, that the biggest growth names are the ones carrying the load," according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

(More stock market stories.)

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