Dow hits 40,000 for first time
Traders work on the floor of the New York Stock Exchange (NYSE) on May 16, 2024 in New York City. (Photo by Spencer Platt/Getty Images)
The Dow Jones Industrial Average crossed 40,000 for the first time ever Thursday as investors celebrated solid earnings and a slight easing of consumer inflation last month.
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.
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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.
Road to Dow 40,000 (Dow Jones Market Data)
Still, the 30-member index is trailing the S&P 500 and tech-heavy Nasdaq, which are also trading at new records.
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Both indexes have risen about 11% this year as 77% of companies have exceeded profit estimates this season.
Google and Nvidia are trading at record highs. The chipmaker's highly anticipated earnings report is set for May 22.
The market ended up closing down 38.62 points at 39,869.38.