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 latest Consumer Price Index showed a cooldown
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.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.
President Joe Biden celebrated the move Thursday. “This is great news for Americans’ retirement accounts and another sign of confidence in America’s economy,” he) which beat earnings expectations on Thursday morning and rose nearly 6%. Airlines, utilities and Big Tech stocks were largely higher. “The Dow 40,000 milestone also shows how resilient the US economy has been, at a time where there was a plethora of calls for a recession,” said Art Hogan, chief market strategist at B. Riley Financial, in a recent note to CNN.