Dow Jones passes 40,000 points for first time amid strong quarterly results

Index has more than doubled since spring 2020 as investors hope for interest rate cuts following Federal Reserve inflation figures

The Dow Jones industrial average briefly passed 40,000 points for the first time on Thursday, powered by strong quarterly results from corporate America and rising bets of interest-rate cuts by the Federal Reserve.

The uptick was short-lived, though, as the Dow closed slightly down from earlier in the day. The index closed at 39,869 - just under the 40,000 benchmark it surpassed earlier in the day.