US STOCKS - US Stocks Lose Steam after Dow Hits Milestone 40,000 Mark

WALL STREET - NEW YORK, May 16 (Reuters) - U.S. stocks closed lower on Thursday after the Dow reached an intra-day high of 40,000 for the first time, as investors continued to recalibrate their rate-cut expectations following data showing a slowdown in inflation, as well as strong corporate earnings results.

Early gains in equities dissipated throughout the day, however, with the three major indexes closing slightly lower.