Week InReview: May 17, 2024

The Dow touches 40,000.

Intraday record | US stocks hovered near their all-time highs, with the Dow Jones Industrial Average touching 40,000 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 earnings. Traders also kept a close eye on a series of Fed speakers. Three said the central bank should keep borrowing costs high for longer as they await more evidence that inflation is easing, suggesting they're not rushing to cut interest rates. Treasury 10-year yields rose four basis points to 4.38% while the dollar bounced back.

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