The Dow clinched a record it had been flirting with for days, topping 40,000 for the first time as April's CPI helped push stocks higher for the week.
US stocks traded mostly higher on Friday, with all 3 major indices sitting just below record highs.
A cool April CPI report buoyed hopes of Fed interest rate cuts later this year.
Investors will look to see if the gains can spill over into next week, which is set to be a busy one for AI developments.
The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, closing out a strong week of gains fueled by upbeat inflation data midweek.
The index secured the closing milestone after briefly crossing it earlier in the week before sinking back down. Rate cut optimism fueled the gains for the week, with April's consumer price index data providing the first positive news on the inflation front all year.
The S&P 500 rose about 1.5% for the week, buoyed by solid earnings results from consumer giant Walmart and an April CPI report that showed cooling inflation. That CPI report boosted investor hopes that the Federal Reserve will cut interest rates later this year.
Investors will look to see if the stock market records can extend into next week, which is set to be a busy one for AI developments.
Microsoft will host multiple AI events, showcasing its newest hardware and software products, while Nvidia is set to report its first-quarter earnings results after the market close on Wednesday.
Fundstrat's Tom Lee said investors should keep buying stocks even with the recent record highs in stocks, as he expects more AI developments to push stock prices higher.
"Overall, we expect these events/earnings to reinforce the improving visibility and capabilities of AI and the related spending. And as a consequence, will be an overall positive for Technology stocks and the broader market," Lee said in a note on Friday.
Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:
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