(FOX BUSINESS) – The Dow Jones Industrial Average crossed 40,000 for the first time ever before closing just shy of that level as investors celebrate solid earnings and a slight easing of consumer inflation last month. It will mark the third 1,000 point milestone of 2024.
The Dow has gained about 6% this year and a strong quarter from the nation’s largest retailer, Walmart, helped propel gains on Thursday. It closed above 30,000 on Nov. 24, 2020. Investors are also betting inflation may cool enough for the Federal Reserve to cut interest rates at least twice this year, according to the CME’s FedWatch Tool.
Goldman Sachs has added the most points since 30,000, while 3M Co. has subtracted the most, as tracked by Dow Jones Market Data Group. Other notable contributors include Microsoft, UnitedHealth and Caterpillar.
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