The DJIA hit into the 40,000 band multiple times in intraday trading before falling back to close at 39,869.38 for the day.
The Dow Jones Industrial Average continues to hit record highs. Today, the DJIA hit the 40,000 mark for the first time. It failed to gain its 19th record close, as it pulled back after breaching the 40,000 mark several times. The index hovered on both sides of 40,000 before settling for the day at 39,869.38. These intraday highs make turn the day into the third 1,000 point milestone of the calendar year. The DJIA first closed over 30,000 on November 24, 2020.
One cause for the rise was Walmart’s reporting. Strong results have brought Walmart up 21% since New Year, and the stock jumped 7% on the latest earnings figures.
Market sentiment is also informed by the CPI data that was released on May14, though the relief brought on by the announcement that core CPI had dropped to 3.6%, which drove markets on Wednesday, was not strong enough to keep the Dow from sliding 0.1%. The latest CPI figures lead investors to posit that there could be two interest rate drops over the course of the rest of 2024, according to the CME group’s FedWatch Tool.
Elsewhere in the markets, the S&P 500 fell 0.21%, and closed at 5,297.10. The Nasdaq Composite dropped 0.26% over the day, and ended at 16,698.32. Both the S&P 500 and Nasdaq are up over 11% on the year.
Individual stocks
Besides Walmart, some index elements that have done well include Amazon, which is up more than 20% for the year. American Express is up about 29% since New Yeard, and Goldman Sachs has risen about 20%.
One stock to do particularly well is Chubb (CB). The company’s shares leapt on the news that Warren Buffett’s Berkshire Hathaway (BRK.B) announced that it had put together a 6% stake totalling nearly $7 billion in CB. Berkshire Hathaway had asked regulators last year to keep the information confidential while Berkshire built up its stake. The move sparked a lot of theories about what the mystery stock could be.
Argomenti
