US stocks could not reach new records on Thursday, despite the Dow Jones Industrial Average touching 40,000 for the first time ever. The Dow finished the day down 0.1%, closing at 39,869 after briefly surpassing its new price milestone earlier in the session. The tech-heavy Nasdaq Composite fell about 0.3% while the S&P 500 dropped around 0.2%. The S&P closed just below 5,300 after eclipsing that number for the first time on Wednesday.
Stocks rallied on Wednesday after new data showed signs of cooling inflation, which spurred bets on a Federal Reserve rate cut in September. All three major indexes closed at record highs as a result. Investors also jumped into bonds, sending the 10-year Treasury yield down near one-month lows at around 4.33%. On Thursday, yields ticked about 2 basis points higher with the 10-year trading around 4.38%.
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