US stocks dip after Dow tops 40,000 for first time
Wall Street stocks finished modestly lower on Thursday, retreating from a record run that included the Dow's first ever rise above 40,000 points. The Dow lingered above that level for hours before ending slightly lower. "We had a big move yesterday in response to data that were friendly for the Fed," said Angelo Kourkafas of Edward Jones. "Today there was this absence of any major catalyst," he said. "With stocks at all-time highs, I think taking a breather is healthy." The Dow Jones finished down 0.1 percent at 39,869. The S&P 500 slipped 0.2 percent to 5,297, while the Nasdaq dropped 0.3 percent to 16,698. All three indices finished at records on Wednesday following data showing a cooling in US inflation that raised hopes of Federal Reserve interest rate cuts. Among individual companies, Walmart shot up 7.0 percent after reporting better-than-expected profits as the retail giant pointed to gains from wealthier consumers. But Deere & Company dropped 4.7 percent as it projected broad-based 2024 sales declines in light of a tough operating environment in the farming economy. (AFP)