The Dow Jones Industrial Average on Thursday climbed above 40,000 for the first time as recent inflation data boosted hopes that US interest rates will go down this year.
It reached a high of 40,048 on Thursday morning before closing at 39,869.83.
The stock market index came close to 40,000 earlier this year before slightly climbing down over fears of rate cut delays.
Sparking the latest Wall Street charge was a recent reprieve in the US’s stubbornly elevated inflation rate.
The Labour Department on Wednesday reported headline and core inflation climbed down to 3.4 per cent and 3.6 per cent, respectively, in April.
Markets took Wednesday's report to mean inflation has resumed its downward path, opening the door for the Federal Reserve to cut US rates this year.
Markets anticipate the Fed will begin lowering its target range by a quarter of a point in September, CME Group data showed.
“The Dow 40,000 milestone also shows how resilient the US economy has been, at a time where there was a plethora of calls for a recession,” said Art Hogan, chief market strategist at B Riley Wealth.
“The overarching importance of crossing these big round numbers is that it brings Wall Street news to Main Street, at least for a day.
"It also serves as an affirmation that corporate earnings are growing and that investor confidence remains robust.”
The S&P 500 rose 5.43 points after hitting 5,300 for the first time on Wednesday.
The Nasdaq Composite also closed slightly lower on Thursday after reaching an all-time high of 16,797.
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COMPANY%20PROFILE
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
If%20you%20go
Zayed Sustainability Prize
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Tomorrow 2021
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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