Dow crosses 40,000 for the first time
CNN
The Dow broke past the 40,000 threshold Thursday morning for the first time ever, fueled by an encouraging inflation report.
The Dow Jones Industrial Average broke past the 40,000 threshold Thursday morning for the first time ever, fueled by an encouraging inflation report. The blue-chip index was up about 114 points, or 0.3%, and trading around 40,022 mid-morning. Markets had rallied to new record highs Wednesday after the latest Consumer Price Index showed a cooldown for the first time in months, stoking hopes that the Federal Reserve could start cutting interest rates as soon as September. On a monthly basis, the inflation report showed that prices rose 0.3%, a slower pace than in the two months prior, according to the Bureau of Labor Statistics. Economists were expecting a 0.4% monthly increase, according to FactSet consensus estimates. Another key data point added to the enthusiasm: April retail sales came in significantly weaker than expected, indicating that consumers are pulling back on the spending that drives the economy. Spending missed the 0.4% increase that economists had projected. “This is the first good CPI report in four months and the market likes it,” said Gary Pzegeo, head of fixed income at CIBC Private Wealth US. “Taken [together with retail sales] this supports a Fed rate cut in the fall. Markets are discounting a cut in September and have moved to price in a second cut by December.”
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