The Dow Jones Industrial Average closed at the end of Friday trading at 40,003.59, rising by 0.3% on the day at its finish, marking the first time ever the exchange closed above 40,000. The remarkable milestone didn't seem to signal any breakout significance for investors Friday, though, as U.S. stocks on the whole ended mixed. It was the fourth-straight winning week for U.S. stocks as they closed mostly higher to finish off the week of trading, The Associated Press reported.
The S&P 500, a more broad-based index, Barron's reported, closed up 0.1%, and the Nasdaq Composite Index's tech-heavy offerings dropped by 0.1%, with all three major indexes finishing the week higher than at the start.
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US inflation holds on as Federal Reserve decides to keep rates at current levels
The Bureau of Labor Statistics released data this week on its 12-month change in the Consumer Price Index showing a slight increase in all items, apart from food and energy, which was not seasonally adjusted. The news from Wall Street and economists might not spark much change in behavior for investors but it could improve consumer optimism.
B. Riley Financial chief market strategist Art Hogan told CNN the milestone for the Dow "shows how resilient the U.S. economy has been, at a time where there was a plethora of calls for a recession."
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Overwhelming majority of US metro areas saw home prices increase in the first quarter of 2024
As for rates, earlier this month the U.S. Federal Reserve decided to keep rates at current levels as it worked to chip away at elevated inflation.
The White House said a primary driver of economic growth is consumer spending, and experts say it could be older Americans who have benefited from outsize gains in the housing and stock market who are causing some of the slowdown in a lowering of rates by the Fed, The Associated Press reported.
The U.S. central bank called the country's economic outlook "uncertain" and said it would remain "highly attentive" to the risks of inflation.
