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Dow closes above 40,000 for the first time ever

Dow closes above 40,000 for the first time ever


  • U.S. stocks traded mostly higher on Friday, with all three major indexes sitting just below record highs.
  • A strong April CPI report revived hopes for a Fed interest rate cut later this year.
  • Investors will be looking to see if the gains can carry over into next week, which promises to be a busy week for AI development.

The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, capping a strong week of gains fueled by upbeat midweek inflation data.

The index crossed the closing mark after briefly crossing it earlier in the week before falling again. Rate cut optimism fueled the week's gains, with April Consumer Price Index data providing the first positive news on the inflation front all year.

The S&P 500 rose about 1.5% for the week, supported by strong results from consumer giant Walmart and a April CPI report which showed a slowdown in inflation. This CPI report boosted investors' hopes that the Federal Reserve will cut interest rates later this year.

Investors will be looking to see if stock market records can extend into next week, which promises to be a busy week for AI developments.

Microsoft will host several AI events, showcasing its latest hardware and software products, while Nvidia is expected to report its first-quarter results after the market closes on Wednesday.

Fundstrat's Tom Lee said investors should continue buying stocks even with recent stock market records, as he expects more AI developments to drive stock prices higher.

“Overall, we expect these events/benefits to drive increased visibility and capabilities of AI and associated spending. And therefore, it will be overall positive for tech stocks and the market as a whole ” Lee said in a note Friday.

Here's where the US indexes stood at the 4:00 p.m. closing bell on Friday:

Here's what happened today:

In commodities, bonds and cryptocurrencies:

  • West Texas Intermediate crude oil jumped 1.04% to $79.56 a barrel. Brent crude, the international benchmark, rose 0.84% ​​to $83.97 a barrel.
  • Gold edged up 1.48% to $2,420.70 an ounce.
  • The 10-year Treasury yield rose 4 basis points to 4.42%.
  • Bitcoin jumped 2.60% to $66,945.




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