Dow rises above 40,000 for the first time as bull market gains steam
Istanbul, May 16 (Hibya) - 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 percent. At its high of the day, the average touched 40,0051, culminating in 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 due to strong earnings and some soft inflation readings.
Thursday saw a positive performance across major indices. The S&P 500, a broad measure of the stock market's health, rose 0.3 percent to a new record, following its first-ever close above the 5,300 level on Wednesday.
The tech-heavy Nasdaq Composite also gained 0.3 percent, reaching an all-time high. These gains reflect the overall bullish sentiment in the market. For the year, the Dow has climbed more than 6 percent, while the Nasdaq and S&P 500 have each seen an impressive 11 percent increase.
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