Dow Eclipses 40,000 for First Time as Investors Bet on Rate Cuts
- Took index 872 sessions to hit latest 10,000-point milestone
- Blue-chip benchmark has climbed 23% since late October low
This article is for subscribers only.
The Dow Jones Industrial Average eclipsed 40,000 for the first time on Thursday as investors grow confident that the stock market rally can keep running on hopes the Federal Reserve will start cutting interest rates later this year.
The oldest of Wall Street’s three main stock indexes has been boosted by the prospect of a resilient US economy, ebbing inflation and robust corporate earnings. It took 872 trading sessions through Wednesday for the Dow to set its latest 10,000-point milestone — or a gain of 33% — with the index recouping all of its losses from the Fed’s aggressive rate hikes over the past two years, data compiled by Bloomberg show.