The Dow Jones industrial average closed above the 40,000 mark
for the first time ever on Friday. While the
other two major indexes took a break after data this
week supported expectations for interest rate cuts by the Federal
Reserve. The Dow added roughly a third of a
percent. The S and P 500 edged up about
1/10 of a percent while the NASDAQ fell but only
fractionally, all three indexes touched record highs in the
previous session following inflation data that boosted investor hopes for
fed rate cuts this year. But the exuberance wore
off Friday says Anna Rathbun, Chief Investment Officer of
CBIZ Investment Advisory Services. Well, I think the
market is taking a breather today um, after the
CP I and retail sales report, um the bet
that the fed may be cutting rates sooner rather than
later really drove the markets up both on the bond
and the stock market side. They can't all keep
going up forever. So today, I think they're
taking a break. The stocks that moved included Reddit
, which ended 10% higher after news, it was
partnering with Open A I to bring its content to
Chet GPT shares of advanced micro devices rose more than
a percent after Microsoft said it plans to offer its
cloud computing customers a platform of AMD artificial intelligence chips
that will compete with those made by NVIDIA shares of
that chip maker which reports quarterly results next week fell
2%. And after spiking in a meme stocks frenzy
earlier in the week, shares of gamestop sank nearly
20%. The video game retailer said on Friday that
it would sell up to 45 million shares to raise
capital. And also said it expects first quarter net
sales to drop from a year ago.