This stock market index, also known as the Dow or DIJA, tracks 30 large blue-chip companies on the NYSE and Nasdaq. Although the Dow isn’t as big as the S&P 500 or the Nasdaq, neither of them has been as influential or popular enough to be the subject of a Broadway musical. This high occurred only 42 trading sessions after closing above 19,000. That is the second-fastest rise in U.S. history (currently, the record is 24 sessions to go from 10,000 to 21,000 in 1999). In 2019, the Dow hit two milestones and set 22 record closes. On July 3, the Dow hit a new high when the Trump administration announced it would resume trade negotiations with China, averting additional tariffs (taxes on imports). Wednesday’s rally is “all about the Fed,” said Peter Cardillo, chief market economist at Spartan Capital Securities, pointing to rate cuts now penciled in for 2024. Building on that, Salesforce and Microsoft are leaning into the growing demand for artificial intelligence (AI). In fact, Morgan Stanley analyst Keith Weiss argues Microsoft in particular is the software company best positioned to monetize generative AI. In the midst of a recession, the Dow has two milestone days of gains. “But the lack […]