Stocks tick higher as Wall Street drifts near its record levels
By STAN CHOE, Associated Press Business Writer
NEW YORK (AP) — Stocks are ticking higher on Monday, ahead of a week with several data reports that could dictate by how much or even whether the Federal Reserve will cut interest rates at its next meeting in a week.
The S&P 500 rose 0.3% and was sitting just below its record set last week. The Dow Jones Industrial Average was up 11 points, or less than 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.
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AppLovin and Robinhood Markets helped lead the market after learning they will join the S&P 500 index later this month, along with Emcor Group. Many investment funds directly mimic the index or at least compare their performance against it, so a stock’s joining the list of the 500 largest companies can draw investor dollars immediately.