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U.S. stocks drifted to a mixed close near their record heights.
The S&P 500 ended little changed Monday and is less than 1% below its record set at the end of March. The Dow Jones Industrial Average slipped 0.2%, and the Nasdaq composite edged up 0.3%.
Stocks have rallied this month on revived hopes that inflation may ease enough to convince the Federal Reserve to cut its main interest rate later this year. A key test will arrive Wednesdayon when the government offers an update on inflation. GME" target="_blank">GameStop (GME) and other meme stocks soared. Treasury yields eased in the bond market.
On Monday:
The S&P 500 fell 1.26 points, or less than 0.1%, to 5,221.42.
The Dow Jones Industrial Average fell 81.33 points, or 0.2%, to 39,431.51.
The Nasdaq composite rose 47.37 points, or 0.3%, to 16,388.24.
The Russell 2000 index of smaller companies rose 2.35 points, or 0.1%, to 2,062.12.
For the year:
The S&P 500 is up 451.59 points, or 9.5%.
The Dow is up 1,741.97 points, or 4.6%.
The Nasdaq is up 1,367.89 points, or 9.2%.
The Russell 2000 is up 35.05 points, or 1.7%.