The Dow Jones Industrial Average reached a new record high of over 40,000 points on May 16, 2024.
Thomas Martin attributed the market's advance to hopes that interest rates have peaked and continued optimism around artificial intelligence and corporate earnings growth.
Todd Morgan emphasized the importance of long-term investing in high-quality stocks.
The Dow Jones Industrial Average reached a new record high of over 40,000 points on [publishedOn-1] for the first time in history. This significant milestone comes after the broad S&P 500 briefly surpassed the closely watched 5,300 level for the first time in [publishedOn-2].
Todd Morgan, chairman at Bel Air Investment Advisors, emphasized the importance of long-term investing in high-quality stocks to build wealth. He stated that this remarkable rise has exceeded many expectations but did not change their perspective.
Thomas Martin, senior portfolio manager at Globalt Investments, attributed the market's advance to hopes that interest rates have peaked and continued optimism around artificial intelligence and corporate earnings growth.
The Dow Jones Industrial Average rose 40 points or 0.1%, while the S&P 500 and Nasdaq Composite were also up 0.1%. The Dow reached an intraday high of 40,051.05 before pulling back to end the day down 0.1%.
Despite this milestone, it's important to note that investing always comes with risks and uncertainties. As a neutral journalist, I encourage readers to approach financial news with a critical mindset and consider multiple sources for accurate information.
Todd Morgan, chairman at Bel Air Investment Advisors, stated that investing for the long term in high-quality stocks is key to building wealth.
The broad S&P 500 retreated about 0.2% after breaking above the closely watched 5,300 level for the first time.
Thomas Martin, senior portfolio manager at Globalt Investments, mentioned that hopes that rates have peaked and continued optimism around artificial intelligence and corporate earnings growth helped push the market into these uncharted waters.
The Nasdaq Composite is leading the way with a 2.2% advance for the week, followed by the S&P 500’s 1.4% rise, and The Dow is tracking to close the week 0.9% higher.
