The stock market continues to surge to new heights, with the Dow Jones Industrial Average crossing over 40,000 for the first time in history. Baird analyst Ross Mayfield believes that the market rally is far from over, attributing the strong earnings season as a driving force behind the market’s upward momentum.
Mayfield stated, “This has all the signs of a cyclical bull market and it’s not running out of steam as far as we can tell.” This positive outlook comes as all three major stock averages hit new intraday highs on Thursday morning.
The Dow’s milestone was supported by Walmart shares, which saw a significant increase after beating expectations in their fiscal first quarter. Additionally, Wolfe Research made a strategic shift by replacing Nvidia with AMD in its Alpha List, citing Nvidia’s outperformance this year.
In other news, import prices showed an unexpectedly large gain in April, driven by rising food and fuel prices. Jobless claims also moved lower after a spike in the previous period, indicating a positive trend in the labor market.
Overall, the market seems to be on a strong upward trajectory, with various companies reporting better-than-expected earnings and positive outlooks. Stay tuned for more updates on the ever-evolving stock market landscape.
