Stock market today: Wall Street drifts to a mixed close as Nasdaq notches another record

NEW YORK — U.S. stock indexes drifted to a mixed finish after a quiet day of trading, and the Nasdaq composite rose to another record. The Nasdaq climbed 0.7% Monday. The S&P 500 edged up by 0.1% to finish just short of its all-time high. The Dow Jones Industrial Average slipped 0.5% in its first trading after closing above the 40,000 level for the first time. Norwegian Cruise Line helped lead the market higher after giving financial forecasts that topped analysts’ expectations.

All three of the big U.S. stock indexes set records last week in large part because of revived hopes that the Federal Reserve will be able to cut interest rates this year as inflation hopefully cools. More reports showing big U.S. companies are earning fatter profits than expected also boosted stock prices.

Target was down 2.2% after it said Monday it would cut prices on thousands of everyday essentials, like milk and diapers, in an acknowledgment of how customers are looking for relief from higher prices.

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