The Dow Jones Industrial Average closed higher on Thursday as the 10-year Treasury tumbled below 4% and a surprise gain in retail sales gave investors further confidence 2024 would bring a soft economic landing.
The 30-stock Dow closed at a record high, ending the day up 158 points, or 0.43% at 37,248.35. On Wednesday, it marked its first-ever close above 37,000.
The 10-year Treasury note yield dropped below 4% for the first time since August as traders mounted bets on rate cuts for 2024. The move lower in interest rates follows the Dow’s more than 1% jump on Wednesday to reach a record high above 37,000 after the Federal Open Market Committee indicated it may cut rates three times next year.
The S&P could soon join the Dow in record territory, as the index is less than 1.6% away from reaching its all-time close set in January of 2022. The Nasdaq is about 8% away from its closing record and roughly 9% further to go to reach its intraday record.
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