Dow Jones Nears Record High as Stocks Rally

Stocks rallied broadly on Friday, with significant gains seen across the Dow, S&P, and Nasdaq indexes.

The Dow closed above the 40,000-point mark but missed setting a new record high.

Despite the overall positive sentiment, major U.S. banks like JPMorgan Chase, Wells Fargo, and Citigroup saw their shares decline, despite reporting robust quarterly earnings.

Friday’s market rebound marked a notable turnaround from the previous session, where the S&P and Nasdaq had slipped following a cooler-than-expected June consumer price index report.

Additionally, the producer price index for June exceeded expectations, indicating continued inflationary pressures in the economy.

Meanwhile, the yield on the 10-year Treasury note fell to 4.187% by the end of the trading day, reflecting some investor caution amid the mixed economic signals.