Dow Soars to Record 40,000 Despite Job Market Concerns
May 17, 2024
On May 17, 2024, the Dow Jones Industrial Average hit a record high of 40,000 points for the first time.
Following the record, Wall Street's main indices experienced a slight decline amid investor speculation on Federal Reserve interest rate cuts.
The expected rate cuts are attributed to slowing inflation and a weakening job market.
US jobless claims decreased, and strong earnings from companies like Walmart and Chubb helped boost market confidence.
GameStop's stock price suffered a notable decrease.
Investor focus is on the Federal Reserve, with initial expectations of up to six interest rate cuts now adjusted to potentially one or two.
Summary based on 66 sources
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Sources
Forbes • May 15, 2024
S&P 500 Hits Record High On Strong CPI Inflation Reading
The New York Times • May 16, 2024
Despite Inflation Concerns, Markets Keep Rising
The Guardian • May 16, 2024
Dow Jones passes 40,000 points for first time amid strong quarterly results
Bloomberg • May 16, 2024
Dow Average Tops 40,000 Level for First Time as Investors Bet on Fed Rate Cuts