May 16, 2024 – 7:54 AM PDT
(Reuters) – The Dow Jones Industrial Average (.DJI) breached the 40,000-point level for the first time ever on Thursday, its fastest 10,000-point climb, powered by strong quarterly results and rising bets of interest-rate cuts by the Federal Reserve.
Advertisement
The blue-chip index surpassed its previous record high of 39,935.04, hit on Wednesday, and has recovered nearly 40% from its October 2022 lows. At 10:40 a.m. ET, the Dow was up 0.2%, at 39,992.67.
“Breaking the 40,000 barrier is a big psychological boost for the bulls as round numbers hold special significance in people’s hearts and minds,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a note.
“We are in a Bull Market and people are showing some irrational exuberance (meme stocks) and dismissing bad news (slowing retail…
