Dow closes near 40K as tech rally sets new records

The Hill ^ | 03/21/2024 | TAYLOR GIORNO

[ChicagoConservative27]

The stock market continued its record-setting rally Thursday with the Dow Jones Industrial Average notably flirting with 40,000 as technology shares made major gains.

The Dow closed with a gain of nearly 270 points, or 0.7 percent, putting it within striking distance of the major milestone at 39,781 points. The S&P 500 and Nasdaq composite jumped 0.4 percent and 0.4 percent, respectively, on the day.

The microchip sector led the charge, buoying the Dow despite a slump in Apple stock after the Justice Department sued the smartphone giant, alleging the company has hurt competition and consumers, developers and small businesses.

[ChicagoConservative27]

Fake... Government propped up

[mikelets456]

Probably because all of the layoffs, firings, fewer employees.....

[1Old Pro]

Market needs to make up for 2022 under Biden.

[Steely Tom]

I bet if Trump was President, they’d tell what the Dow was after adjusting for inflation.

[AnotherUnixGeek]

The microchip sector led the charge

I thought about buying into Nvidia during the block-chain during the early days of the digital currency craze, but I figured it was a flash in the pan. Never occurred to me that GPUs would become the engine for major AI advances - there were no major AI advances for decades, then all of a sudden OpenAI comes along.

[ducttape45]

I can’t understand why the Stock Market keeps climbing while the economy is in shambles.

[goodnesswins]

Election years generally have good markets...

[Captain Peter Blood]

Because the Fed controls the market, the market has no relation to what is going on in the real world but it is sold like it is.

[Publius]

I can’t understand why the Stock Market keeps climbing while the economy is in shambles.

You're ignoring international capital flows. The US has the least worst economy among the industrialized nations. Europe is edging close to a war that will almost certainly be nuclear. Capital is fleeing to a safe haven, and right now we're the safest haven of all even with our current problems. International capital flows go mostly into the Dow, which is the index that is showing the greatest gains.

[Carriage Hill]

The higher it goes, the farther it falls.

[dfwgator]

Besides, where else are people going to put their money? Real Estate isn’t a good investment at this point.

[Semper Vigilantis]

Stock’s worth more when the dollar is worth less. Just imagine what Wonder Bread stock will be worth when it takes a wheelbarrow full of cash to buy a loaf.

[E. Pluribus Unum]

1929 deja vu all over again.

[frank ballenger]

So this means the dimwitted American people can slip over their tears of hysterical happiness over the Bidenomics triumphs as they go to the mailbox to send a few illegal ballots each and re-elect Joe.

Screw them.

[Iron Munro]

Prices pushed up because the value of the dollar is driven down, down, down by Bidenomics and Deep State idiocy.

Would you borrow money you could never pay back and just give it to someone who has no respect for you, laughs at you and ftitters the money away?

That is what our federal government does year after year after year...

[Roman_War_Criminal]

Indeed...

👍

[DoughtyOne]

I wander if the fed is behind this.

[TexasGator]

“Never occurred to me that GPUs would become the engine for major AI advances - “

These are $40k specialized AI chips accompanied with Nvidia software.

[Varsity Flight]

#12631

https://www.archives.gov/federal-register/codification/executive-order/12631.html

State teachers
State police and fire
Government pensions

All into the “market”
12631 backstops everything.

[Vaduz]

Yes they are throwing money at it as fast as the can also the last time tech rally sets new records they crashed repeat will ensue the market is moving up to fast.