Dow Jones Reaches 40,000 For 1st Time

US stocks gained some traction after the Thursday open to trade above the flatline, slightly extending the record levels from earlier in the week amid further support from rate cut expectations and strong corporate results.

The Dow added 100 points to break the 40,000 threshold for the first time in history, while the S&P 500 and the Nasdaq hovered in the green.

Bets of multiple rate cuts this year persisted as both initial and outstanding jobless claims remained well above recent averages, underscoring a softening labor market, while building permits fell for a second month.

Walmart shares jumped over 6% after beating earnings and revenue estimates, aligned with a 6% jump in Alibaba ADRs following their results.

On the other hand, Deere & Co dropped by over 3% after cutting this year’s guidance, while Meta lost over 1% to weigh against the stronger momentum for tech stocks.