Dow Tops 40,000 Points As US Stocks Add To Gains

The Dow index topped 40,000 points for the first time Thursday, propelled by strong Walmart earnings after a benign inflation report resulted in records in the prior session

New York, (APP - UrduPoint / Pakistan Point News - 16th May, 2024) The Dow index topped 40,000 points for the first time Thursday, propelled by strong Walmart earnings after a benign inflation report resulted in records in the prior session.

Near 1505 GMT, the Dow Jones Industrial Average stood at 40,036.40, up 0.3 percent.

The broad-based S&P 500 also climbed 0.3 percent to 5,324.69, along with the tech-rich Nasdaq Composite Index, which stood at 16,796.00.

The landmark came after all three indices rallied on Wednesday following an inflation report that revived hopes of Federal Reserve interest rate cuts.

Hitting 40,000 points is a "milestone" for the index best known to the average investor, said Art Hogan, chief market strategist of B.

Riley Wealth.

"It really brings Wall Street news to Main Street," said Hogan. "That's going to hit the front page of every newspaper, not just the Wall Street Journal and Investor's business Daily."

Among individual companies, Walmart shot up 5.7 percent after reporting better-than-expected profits as the retail giant pointed to gain from wealthier consumers.

But Deere & Company dropped 3.2 percent as it projected broad-based 2024 sales declines in light of a tough operating environment in the farming economy.

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