The Dow Jones Industrial Average rose to an all-time high on Friday, eclipsing the 40,000 mark for the fourth time in its 128-year history as shares surged across several industries.
Shares of Intel, IBM and Home Depot helped drive the record-setting rally.
The Dow reached a high of 40,257.24 around 2 p.m. Friday after gaining as many as 504 points (1.2%), surpassing an intraday high of 40,077 set on May 20 and pacing its record close of 40,003 set on May 17—though it has dropped slightly since its intraday peak.
The Dow, tracking 30 of the most valuable public companies in the U.S., is up 6.6% this year and up nearly 16% over the last year.
Shares for most of the firms tracked by Dow rose in value on Friday, led by Intel (4.7%), IBM (2.8%) and Home Depot (2.6%), while shares for Walmart, Boeing and JPMorgan Chase fell slightly.
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It took just over three years for the Dow to eclipse 40,000 after surpassing 30,000 in November 2020. The Dow eclipsed 10,000 in March 1999 after 103 years and took another 18 years to reach 20,000 in January 2017.
The S&P 500 and Nasdaq rebounded 1.1% and 1.3% on Friday, respectively, after both indexes posted their worst trading days since late April.
The Dow, relying on share prices rather than market capitalization, passed 40,000 for the first time on May 16 after Walmart’s shares reached an all-time high. The index passed the threshold again the following day before reaching its all-time intraday high as trading opened the next week. Dow’s record-setting day follows inflation falling to its lowest point in a year, increasing the possibility of the Federal Reserve cutting interest rates. Consumer prices also fell month-over-month for the first time since 2020. The market responded positively to wholesale prices increasing 0.2% last month, higher than projections of 0.1%, according to FactSet. The S&P 500 index and Nasdaq have similarly peaked at record highs this year as technology stocks like Nvidia have swelled—though Nvidia is not a Dow Jones component.