Stock market today: Wall Street drifts near record levels, heads for an 8th straight winning week

Wall Street is drifting near record heights Friday following reports showing inflation on the way down and the economy potentially on the way up.

The S&P 500 was 0.3% higher in midday trading and just 0.7% below its record set nearly two years ago. The Dow Jones Industrial Average was up 38 points, or 0.1%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 0.3% higher.

Bristol Myers Squibb climbed 2.5% after saying it will buy Karuna Therapeutics in a cash deal valued at a total of $14 billion. That helped to offset a 10.5% slump for Nike, which cut its revenue forecast this fiscal year. The athletic giant cited weakness in China, the downsides for exporters of a stronger U.S. dollar and other challenges.

But Wall Street’s focus was squarely on a suite of economic reports released Friday, which led to some swings in Treasury yields.