Dow rises above 40,000 for the first time as bull market gains steam: Live updates
The Dow Jones Industrial Average jumped above 40,000 for the first time as the bull market marched higher on bets that inflationary pressures would ease and interest rates would come down.
The Dow was last up 127 points, or 0.3%. At its high of the day, the average touched 40,0051, the culmination of a bull market that began in October 2022. The index had neared the 40,000 mark earlier this year, before a slight April pullback on worries about high interest rates knocked it back down. The rally was rekindled in May on the back of strong earnings and some soft inflation readings.
The S&P 500 rose 0.3% Thursday to a new record after closing above the 5,300 level for the first time ever on Wednesday. The Nasdaq Composite also gained 0.3% to an all-time high. The Dow has climbed more than 6% for 2024, while the Nasdaq and S&P 500 are up 11% each.
"This achievement is a testament to the powers of capital formation, innovation, profit growth, and economic resilience," said John Lynch, chief investment officer at Comerica Wealth Management. "The recent technical momentum and fundamental strengths, including earnings and interest rates, suggest further near-term gains."
