Dow passes the 40,000 mark for the first time

The Dow Jones Industrial Average crossed the 40,000-point mark for the first time in its history on Thursday, as Wall Street cheered slowing inflation and the potential for lower interest rates.

The iconic stock index rose about 111 points shortly before 11 a.m. Thursday, reaching about 40,020 points. The Dow Jones was founded in 1895 and includes the 30 most prominent U.S. companies, as determined by S&P Dow Jones Indicies.

The Dow Jones is up 6 percent since the start of 2024 as investors eagerly await interest rate cuts from the Federal Reserve, which could add more fuel to the stock market. While the Fed has so far postponed rate cuts thanks to a combination of strong job growth and rising inflation, new data from the Department of Labor showed price increases are slowing for the first time since last year.

The Dow index, the Nasdaq index and the S&P 500 index all closed at record highs on Wednesday.

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