Dow hits all-time high in broader market rally

A screen displays the Dow Jones Industrial Average after the close of trading for the day on the floor at the NYSE in New York·Reuters
Reuters
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(Reuters) - The Dow Jones Industrial Average scaled an intraday record high on Friday, playing catch-up with two other main U.S. indexes in recent broad-based market gains.

The blue-chip 30-stock index was up 0.9% at 40,094.54 points, surpassing its previous intraday all-time high of 40,077.40 points hit in late May.

So far this year, the Dow has risen 6.4%, underperforming the broader S&P 500 and the tech-heavy Nasdaq Composite, which have advanced 18.2% and 23.1%, respectively, over the same period.

Growth stocks, powered by technology and semiconductors, have led the market higher in 2024, while the more value-oriented Dow has struggled to keep up.

(Reporting by Ankika Biswas in Bengaluru and Stephen Culp in New York; Editing by Shinjini Ganguli)