Despite a challenging start, this week’s rise has enabled the three major stock indices enter positive territory for the second quarter.
TFD – The Dow Jones Industrial Average has crossed the historic 40,000 mark, signaling a bullish outlook for 2024. U.S. Bank Asset Management highlights consistent earnings growth.
In Short
- Dow Jones surpasses 40,000 for the first time ever.
- Major indices enter positive territory for Q2.
- U.S. Bank strategist sees bullish setup for 2024.
One day after touching that benchmark during the previous trading session, the Dow Jones Industrial Average finished over the crucial 40,000 milestone on Friday for the first time in history.
The 30-stock average increased to 40,003.59, up 134.21 points, or 0.34%. The Nasdaq Composite finished down 12.35 points, or 0.07%, at 16,685.97, while the S&P 500 edged up 6.17 points, or 0.12%, to 5,303.27.
The Dow was driven by shares of Caterpillar and Walmart, which were both trading 1% higher. The S&P 500’s largest gainers were Chubb and Valero Energy, which were up more than 3% and 4%, respectively.
The week saw a good close for stocks, with the Dow rising 1.2% to record its fifth consecutive weekly gain. The Nasdaq and S&P 500 have gained 2.1% and 1.5% this week, respectively, to end their biggest winning streaks since February.
The Dow finished the day down 0.1% on Thursday after hitting an intraday high of 40,051.05, above the psychologically significant 40,000 threshold.
Despite a challenging start, this week’s increase has assisted in moving the three indices into positive territory for the second quarter. While the Dow has increased by more than 6% this year, the S&P 500 and Nasdaq have already each gained more than 11% in 2024.
While some investors have expressed doubts about the sustainability of the current rise, Tom Hainlin thinks that the combination of economic growth and slowing inflation is the ideal impetus.
“That’s a pretty bullish setup here in 2024, at least for the near future,” U.S. Bank Asset Management’s senior investment strategist said to CNBC. “We acknowledge that the valuation appears somewhat elevated in comparison to previous periods, but we also value consistent and growing earnings.”
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