Dow closes above 40,000 for the first time with cautious traders

From Yahoo Finance: 2024-05-17 12:08:25

The Dow closed above 40,000 points for the first time after a week of record highs globally. Traders are cautious, expecting a healthy consolidation as markets race high. Elsewhere, China announced measures to boost property markets, which account for a significant share of GDP. Stock markets worldwide fluctuated on mixed news around interest rate cuts.

In Asia, Shanghai and Hong Kong stocks surged on China’s plan to support the property market, including lowering minimum down payment rates. The real estate sector has been under strain, prompting officials to implement broader measures at a recent meeting. Investors welcomed the news cautiously, with analysts noting the measures may help stabilize housing markets. Major global indices closed the day mixed with slight gains and losses.



Read more at Yahoo Finance: Dow finishes above 40,000 for first time as rally pauses in Europe