Dow Jones’ Record High to Start off New Week
The Dow Jones is above 40,000 and could go even higher this week as it continues a winning streak that has stretched for weeks.
For the very first time, the Dow Jones closed higher than 40,000. That stock market index hit that milestone late Thursday, which carried over to Friday.
The Dow Jones was up for the week overall, closing off another week of gains. This time it gained 1.2%, and that marks the fifth consecutive week of gains for the index.
We also saw important streaks from The Nasdaq Composite and from the S&P 500. These indices are on winning streaks as well that beat anything they have achieved since February of this year.
Now, into the second quarter of 2024, the three indices are up overall and marking gains from week to week despite a tight economy that is worried about inflation.
Monday Outlook
Before trading opens for Monday morning, the Dow Jones is up 0.34% and is expected to open strongly today. The S&P 500 is up just 0.12% but may be able to continue another week of gains. The Nasdaq Composite is the only major index down from Friday, having closed off at a decrease of 0.07% from the previous day.
Coming up later this week, Nvidia (NVDA) is sharing its quarterly earnings report. As one of the biggest movers on the stock market this year, this report will be crucial not just for Nvidia but for the public perception of AI-focused stocks and tech stocks in general.
There are also statements to come this week from a number of FOMC members. Their words could impact the markets considerably as they speak on inflation, the economy, and the likelihood of interest rate cuts.
With last week’s positive news on the Consumer Price Index, there is not some inkling of hope that interest rate cuts will come this year, but the Federal Reserve will need to see indications that inflation is heading down toward 2% for that to happen.
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