From NBC News: 2024-05-16 16:13:21

The Dow Jones Industrial Average briefly hits 40,000, closing at 39,869 with a 6% gain for the year. The S&P 500 and Nasdaq also set records. Inflation slows, with the Consumer Price Index climbing 3.4% in April. Investors hope for a “soft landing” for the economy as the Fed aims for a 2% inflation rate.

The Federal Reserve may consider a rate cut if inflation continues to decelerate. Strong corporate earnings lead to record highs in the stock market, with three-quarters of firms beating estimates. Walmart reports earnings above expectations. The average 401(k) balance jumps nearly 17% to $92,142. Consumer sentiment falls, but the overall economy remains strong.



Read more at NBC News: Dow Jones hit record high 40,000 amid promising inflation report before retreating slightly