The Dow is now up about 6% so far this year.
Traders work on the floor of the New York Stock Exchange on May 16, 2024 in New York City.The Dow Jones Industrial Average crossed 40,000 for the first time in history on Thursday.
In recent months, the Fed had all but abandoned its previous forecast of three quarter-point rate cuts this year. But the slowdown of price hikes offered hope of rekindling those plans."The combination of the Fed likely to be lowering interest rates because inflation is moderating with a resilient economy is a beautiful scenario for a bull market," Ed Yardeni, the president of market advisory firm Yardeni Research and former chief investment strategist at Deutsche Bank's U.S.
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