Dow Makes History to Close Week Above 40,000 Mark
- Blue-chip gauge hits milestone in final stretch of US trading
- VIX index closes at lowest since 2019 as S&P 500 grinds higher
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For the first time in its 128-year history, the Dow Jones Industrial Average of American blue chips closed above 40,000 — a milestone that came as the bull market powered ahead.
The abrupt breakout happened at the very last minute of trading. Following inflation reports that reignited hopes on Federal Reserve rate cuts, stocks notched their longest weekly winning run since February. Strong earnings have also fueled gains, with the focus now shifting to next Wednesday’s results from Nvidia Corp. — the poster child of artificial intelligence. While the rally lost steam in the past two days, the market is still set for its best month in 2024.