Stock market closes lower after reaching new highs, with Dow crossing 40,000

From CNBC: 2024-05-16 16:49:00

Stocks closed lower after reaching new intraday highs, with the Dow crossing 40,000 for the first time. Baird sees more value in regional banks. Barclays says Big Tech still has room for growth. Costco hits all-time high above $800. Barclays predicts further market rally in 2024. GameStop sees retail participation peak. Walmart leads Dow gains. 53 S&P 500 stocks hit 52-week highs. S&P 500 could head to 5,575, says Strategas. Bernanke paper suggests unemployment rise could help fight inflation. Fed’s Barkin says more work needed to reach 2% inflation goal. Consumer staples outperform, Walmart soars 6% in midday trading. Meta, Deere, and Walmart among stocks making big moves.— Lisa Kailai Han, Alex Harring, Yun Li, Brian Evans, Jesse Pound



Read more at CNBC: Stock market news for May 16, 2024: Dow 40,000