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Stock market today: Dow closes above 40,000 for first time to cap winning week for stocks

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Michelle Bowman News

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Stocks trod water as investors assess the chances of the Dow succeeding in another bid to cross 40,000 for the first time.

US stocks ticked upward Friday as the Dow Jones Industrial Average closed at 40,000 for the first time ever. The Dow rose 0.3% to score its record high. The S&P 500 ticked up 0.1%, while the tech-heavy Nasdaq Composite slipped 0.1%, but all the gauges notched weekly wins. A run-up in stocks hit a bump in the wake of comments from Fed officials warning that rates are likely to stay at historic highs for a while.

Bowman said she is willing to raise rates again at a future meeting if incoming data shows further stalling. Fed Chair Jerome Powell was scheduled to deliver remarks at Georgetown University’s Law School graduation this Sunday, but he will now be speaking through a pre-recorded video, after he tested positive for COVID-19, a central bank spokesperson said on Friday. In individual movers, Reddit shares jumped 10%, not far off its highest close of $65.11 hit in March.

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