Dow Jones index trades above 40,000 on hopes of US rate cuts

It took nearly two decades for the Dow to move from the 10,000-mark to 20,000

All three major US indexes hit fresh intraday record highs on the day. Of the 30 companies on the Dow, card company American Express and retail giant Amazon were among the biggest percentage gainers so far this year

The Dow Jones Industrial Average breached the 40,000-point level for the first time ever, its fastest 10,000-point climb, powered by strong quarterly results and rising bets of interest rate cuts by the US Federal Reserve.

The blue-chip index surpassed its previous record high of 39,935.04, hit on Wednesday, and has recovered nearly 40% from its October 2022 lows.