Dow Jones Surges Above 40,000 as Stock Market Rebounds from Tech Sell-Off, Gains Momentum for the Week

Money | July 12, 2024, 9:54 p.m.

US stocks finished the week strong, with all major indexes seeing gains on Friday. The Dow closed above 40,000 for the second time ever, coming just over 2 points away from a record high. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closed higher for the week, with the Dow leading with a 1.6% gain. The tech sell-off on Thursday limited the Nasdaq's weekly gain to 0.2%, while the S&P 500 rose 0.9% for the week. Friday's rally was fueled by strong results from Wall Street banks, with JPMorgan Chase seeing a 25% surge in profit and Wells Fargo experiencing a drop in profit, causing their stocks to slip. Overall, the market seems to be reacting positively to earnings season, with signs that inflation may be easing.