The Dow Jones Industrial Average stock index hit 40,000 for the first time ever Thursday amid renewed investor hopes for a 'soft landing' for the U.S. economy following a favorable inflation report. The index, which is comprised of the stocks of 30 major companies such as Apple and McDonald's, has gained a modest 6% on the year. The other major U.S. stock indices, the S&P 500 and the Nasdaq, also hit record highs and have outpaced the Dow with their year-to-date gains.
If interest rates move down, it would help lower monthly payments faced by businesses and consumers alike throughout the economy. Of course, the stock market is also tied to company earnings — and right now, publicly traded firms are reporting robust profits. In the first quarter of the year, about three-quarters of all firms beat their earnings estimates, a higher rate than the historical average.
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