How major US stock indexes fared Thursday, 5/23/2024

Most U.S. stocks slumped after strong economic reports raised the possibility of interest rates staying painfully high.

The weakness was widespread on Thursday and overshadowed another blowout profit report from market heavyweight Nvidia.

The S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%.

Treasury yields rose in the bond market after reports showed accelerating growth for U.S. business activity and a resilient job market.

Higher yields weighed on much of the market, particularly dividend payers like real-estate stocks.

On Thursday:

The S&P 500 fell 39.17 points, or 0.7%, to 5,267.84

The Dow Jones Industrial Average fell 605.78 points, or 1.5%, to 39,065.26.

The Nasdaq composite fell 65.51 points, or 0.4%, to 16,736.03.

The Russell 2000 index of smaller companies fell 33.30 points, or 1.6%, to 2,048.41.

For the week:

The S&P 500 is down 35.43 points, or 0.7%.

The Dow is down 938.33 points, or 2.3%.

The Nasdaq is up 50.07 points, or 0.3%.

The Russell 2000 is down 47.31 points, or 2.3%.

For the year:

The S&P 500 is up 498.01 points, or 10.4%.

The Dow is up 1,375.72 points, or 3.7%.

The Nasdaq is up 1,724.68 points, or 11.5%.

The Russell 2000 is up 21.33 points, or 1.1%.