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Stock market today: Wall Street drifts after tepid report on economy

June 5, 2023

Via: ABC News

U.S. stocks are drifting Monday to begin what could be a quiet stretch following their best week since March.

The S&P 500 edged up 0.3% in morning trading. The Dow Jones Industrial Average was down 61 points, or 0.2%, at 33,705, as of 12:31 p.m. Eastern time, while the Nasdaq composite was 0.6 higher.

The indexes were listless after a report showed businesses in the accommodation, construction and other U.S. services industries grew in May for a fifth straight month, though by less than economists expected. It’s the latest mixed reading on the U.S. economy, which has begun to slow under the weight of higher interest rates but has defied forecasts for a recession so far.

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