As Markets Hit All-Time Highs, Biden Touts ‘Confidence’ in US Economy

The Dow Jones Industrial Average rose to a record 40,000 on Thursday, fueled by investor hopes that softer inflation data would prompt the Federal Reserve to cut interest rates. Unlocking this milestone signaled “confidence” in the U.S. economy, according to President Joe Biden. The benchmark stock market index, featuring 30 companies listed on U.S. stock exchanges, rose to a session high of 40,051.05. Year-to-date, the Dow is up 6 percent. Walmart shares led the march to above 40,000 after the retail titan rallied more than 6 percent after reporting solid fiscal first-quarter earnings. The company’s stock has surged nearly 20 percent in the year. After the Federal Reserve began raising interest rates in March 2022 to a more than two-decade high, the Dow Jones flirted with a bear market (a decline of 20 percent or more). The index tumbled to a bottom in October 2022 and has rallied 38 percent on persistent expectations that the U.S. central bank will pivot on monetary policy and ease rates....