Wall Street holds near its record highs

NEW YORK

U.S. stocks drifted through a quiet Tuesday and held near their record heights following a mixed set of profit reports.

The S&P 500 slipped 2.96 points (0.1%) from its record to 4,924.97. The

Dow Jones Industrial Average gained 133.86 (0.3%) to 38,467.31. The Nasdaq fell 118.15 (0.8%) to 15,509.90. The Russell 2000 lost 15.19 (0.8%) to 1,996.24.

UPS slumped 8.2% even though it reported stronger profit for the latest quarter than expected. Its revenue fell short of Wall Street’s estimates, and it also gave a forecast for full-year revenue in 2024 that was weaker than expected.

Whirlpool sank 6.6% despite likewise reporting a better profit than expected. Its forecast for 2024 revenue of $16.9 billion was roughly $1 billion below analysts’ estimates.

Helping to offset those losses was General Motors, which jumped 7.8% after reporting stronger profit and revenue than expected.

Treasury yields were also mixed in the bond market following reports that showed the economy remains stronger than expected. One said confidence among consumers is climbing, while another suggested the job market might be warmer than forecast.

U.S. employers advertised 9 million job openings at the end of December, a touch more than economists expected and slightly above November’s level. Traders were expecting the data to show a cooldown in the number of openings.

A drawdown would have fit more neatly into the trend that’s carried Wall Street to a record: a slowdown in the economy’s growth strong enough to keep a lid on inflation but not so much that it will create a recession.