Dow ends above 40,000 milestone, indexes notch up weekly gains

by Chibuike Oguh and Shristi Achar A, Reuters

The Dow Jones industrial average closed above the 40,000 mark for the first time on Friday, with other major indexes also scoring weekly gains, as data supported expectations for interest rate cuts by the Federal Reserve this year.

The benchmark S&P 500 (.SPX), opens new tab edged higher after paring losses while the Nasdaq (.IXIC), opens new tab fell, but both chalked up a fourth straight week of gains. The Dow (.DJI), opens new tab rose to end the fifth week of advances in a row.

Strong corporate results and inflation and other economic data have bolstered investor hopes for Fed rate cuts this year.

Eight out of the 11 S&P 500 sectors advanced, with energy (.SPNY), opens new tab leading gains while technology (.SPLRCT), opens new tab was the biggest loser. For the week, Dow gained 1.24%, S&P 500 rose 1.54%, and Nasdaq climbed 2.11%.

 

continue reading »