• Sun. May 26th, 2024

2021: A Year of Stock Market Milestones and Growth, with Walmart, Goldman Sachs and others leading the way

BySamantha Nguyen

May 16, 2024
Dow Reaches Historic Milestone of 40,000 Points

In a recent interview on ‘Making Money,’ BMO Capital Markets chief investment strategist discussed the reasons behind his decision to raise his year-end S&P 500 target. The Dow Jones Industrial Average reached a new milestone by crossing 40,000 for the first time but closed just below that mark. This achievement comes as investors are pleased with strong earnings reports and a slight decrease in consumer inflation.

During the interview, the strategist attributed the Dow’s recent gains to several factors, including a strong quarter from Walmart, the nation’s largest retailer. Walmart’s performance helped propel the index to new heights. Additionally, investors are hopeful that inflation may decrease enough for the Federal Reserve to consider cutting interest rates at least twice this year.

Market analysts have also noted notable contributors to the Dow’s performance since reaching 30,000, including Goldman Sachs, Microsoft, UnitedHealth, and Caterpillar. Despite these gains, both the S&P 500 and Nasdaq have been outperforming the index, with both reaching new record highs as well. The S&P 500 and Nasdaq have seen gains of about 11% this year as 77% of companies have exceeded profit estimates. Companies like Google and Nvidia are also seeing record-high stock prices, with Nvidia’s highly anticipated earnings report scheduled for May 22nd.

Overall, these achievements reflect a positive outlook for the stock market in 2024 as companies continue to perform well and investors remain optimistic about future prospects.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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