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Dow finishes above 40,000 for first time as rally pauses in Europe

Published : Sunday, 19 May, 2024 at 12:00 AM  Count : 76

NEW YORK, May 18: The Dow scored its first-ever finish above 40,000 points Friday in a flourishing end to a week of records after a subdued session in Europe and a rally in some Asian markets.

"We made a breakout to new record high,"  Karl Haeling from LBBW told AFP.

"The market is just choosing to consolidate, which is probably a healthy thing," he continued. "Because its racing and getting too exuberant."

The blue-chip index mustered only a 0.3 percent gain, but it was enough to finish at 40,003.59.

The S&P 500 also eked out an increase, while the Nasdaq finished narrowly negative.

Global indices had earlier this week hit fresh highs on hopes of interest-rate cuts in the United States and elsewhere on cooler inflation. But European markets were hit Friday by a round of profit-taking.

"One day stock markets are making record highs and banking on rate cuts, the next stocks are giving back gains and rate cut expectations are being pared back," noted XTB analyst Kathleen Brooks.

Back in Asia, Shanghai piled on one percent and Hong Kong extended its recent advance, with shares in Chinese property developers soaring.    —AFP

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