The blue-chip Dow Jones Industrial Average closed above 40,000 for the first time in its 128-year history, a milestone reached as the bull market continues to advance. Stocks posted their longest weekly winning streak since February this year after an inflation report rekindled hopes that the Federal Reserve would cut interest rates.
Stronger corporate earnings also helped drive the stock market higher. "We maintain our bullish stance," said Larry Tentarelli, a blue chip analyst, noting that "if this continues," it would set the stage for the Dow Jones to top 42,500 by the end of the year.
Mark Newton, an analyst at Fund Strategy, a global consulting firm in the United States, said: "The bullish view is correct. Market consolidation will make the S&P 500 more attractive to further rise and stand above 5,400 points. It is a difficult choice for investors to choose to hold on and wait for possible consolidation. But I think that the facts will prove that any weakness is temporary."
