The world’s largest stock market hovered near its all-time highs, with the Dow Jones Industrial Average touching the historic 40,000 mark on bets that rate cuts will keep powering Corporate America.
The oldest of Wall Street’s three main stock indexes has been boosted by prospects of a resilient economy, ebbing inflation and robust corporate earnings. It took 872 trading sessions through Wednesday for the Dow to set its latest 10,000-point milestone — or a gain of 33 per cent — with the index recouping all of its losses from the Federal Reserve’s aggressive rate hikes over the past two years, data compiled by Bloomberg show.
The last time the measure of blue chips broke a major milestone was in November 2020 — when it topped 30,000 — amid a series of market-friendly developments that unleashed animal spirits — even as the pandemic continued to rage. This time around, the market is defying the old adage…
